Warner Bros. Discovery unveils linear TV and streaming restructure

WBD said the new corporate structure is “designed to enhance its strategic flexibility and create potential opportunities to unlock additional shareholder value.”

The Global Linear Networks division will house WBD’s linear television business including networks such as CNN, TBS, TNT, HGTV and the Food Network.

Streaming & Studios will be home to the Max streaming platform and the Warner Bros. film studios.

The restructure comes just weeks after Comcast announced it would spin off its NBCUniversal cable television networks – including CNBC, MSBNC, E!, Syfy, Golf Channel, USA and Oxygen - into a separate, publicly traded company.

Linear TV has been in decline as consumers cancel their cable TV subscriptions and subscribe to streaming services. Many analysts argue that WBD and Comcast’s ownership of cable networks has held back their share price.

WBD said its Global Linear Networks division will focus on maximising profitability and free cash flow to continue deleveraging, while Streaming & Studios will focus on driving growth and strong returns on increasing invested capital.

The new corporate structure is expected to be in place by mid-2025.

Warner Bros. Discovery President and CEO David Zaslav said: “Our new corporate structure better aligns our organisation and enhances our flexibility with potential future strategic opportunities across an evolving media landscape, help us build on our momentum and create opportunities as we evaluate all avenues to deliver significant shareholder value.”