NEW YORK (AP) — Warner Bros. Discovery has announced plans to split into two distinct companies, separating its cable operations from its streaming services. This move comes amid significant changes in the entertainment industry as more consumers opt for streaming platforms over traditional cable. HBO, HBO Max, Warner Bros. Television, Warner Bros. Motion Picture Group, and DC Studios will form part of the new streaming-focused entity. Meanwhile, CNN, TNT Sports in the U.S., Discovery channels across Europe, and digital products like Discovery+ will remain under the cable-focused company. Shares of Warner Bros. Discovery surged 11% following the announcement. CEO David Zaslav will lead the streaming company, while CFO Gunnar Wiedenfels will head the cable division. The separation is expected to be finalized by mid-next year, pending board approval. This decision follows a restructuring plan announced in December and reflects the ongoing challenges posed by competitors such as Disney, Netflix, and Amazon. — new from AP News
