Warner Bros. Discovery will split its business into two publicly traded companies, with one focused on its streaming and studios business and the other on its television network businesses, including CNN and Discovery.
The US media giant said the move would unlock value for shareholders as well as create opportunities for both businesses, breaking up a group created just three years ago from the merger of Warner Media and Discovery.
Warner Bros. Discovery last year revealed its intent to split its business in two, a plan first reported by the Financial Times in July last year. The company intends to complete the split by the middle of next year.
