Warner Bros Discovery to split into two companies, separating cable and streaming arms

Warner Bros. Discovery, the film and TV colossus behind HBO and CNN, announced on Monday that it would cleave itself into two companies, separating its cable networks and streaming businesses.

David Zaslav, the CEO of Warner Bros. Discovery, will lead the company’s streaming and studios business, which will include the streaming service HBO Max and Warner Bros. Motion Picture Group. The cable business, which will include CNN, will be run by Gunnar Wiedenfels, the chief financial officer of Warner Bros. Discovery.