Warner Bros. to Split Into Streaming, Cable TV Companies

Warner Bros. Discovery Inc. is splitting itself in half, unshackling its fast-growing streaming business from the struggling legacy media channels and setting up two independent companies that could pursue deals on their own.

The new Global Networks business will include entertainment, sports and dozens of cable television brands such as CNN, TNT and TBS and will be headed by Chief Financial Officer Gunnar Wiedenfels. It will hold a 20% stake in the other Streaming and Studios business, headed by Chief Executive Officer David Zaslav, and use proceeds from that entity as a way to cut debt, the company said in a statement on Monday.