Warner Bros. Discovery has decided to separate its streaming platform and production studio from the rest of the media conglomerate, a further sign of the television industry's shift toward online video.
This split, expected to be completed around mid-2026 and subject to regulatory approval, will result in two separate entities being listed on the stock exchange, according to a statement released Monday.
The streaming platform, HBO Max (which will be rebranded this summer as HBO Max), will be part of a new company called Streaming & Studios, along with its film and television production studios and theme park properties.
The other publicly listed company, Global Networks, will include the group's television channels, such as CNN, TNT (sports), and Discovery (nature and adventure).
These networks still generate the bulk of their revenue from cable subscriptions, a sector that has been declining for years due to the growing trend toward streaming.
The specialist firm IbisWorld indicates that the number of paid cable subscribers in the United States fell from 105 million in 2010 to 66 million in 2024, a decline of 37 percent.
Meanwhile, CNN's viewership declined by 15 percent, with the channel's daily U.S. viewership falling below half a million (481,000) last year.
Spinoffs are a common strategy for companies with widely varying growth rates. "This separation will revitalize each entity by enabling them to leverage their strengths and financial positions," Warner Bros. Discovery CEO David Zaslav said in the statement.
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