In a conference call Monday, Warner Bros. Discovery CEO David Zaslav said U.S. sports have not been a major driver for HBO Max subscriptions.
The media conglomerate will divvy up its assets in movies, TV, gaming and other areas into two companies: Streaming & Studios and Global Networks.
Warner Bros. Discovery plans to split into two companies by separating its studios and streaming from cable TV networks to better compete in the evolving media landscape.
Warner Bros. Discovery will calve off cable operations from its streaming service, creating two independent companies as the number of people "cutting the cord" brings with it a sustained upheaval in the entertainment industry.
Media & entertainment stock Warner Bros Discovery Inc (NASDAQ:WBD) was last seen up 10.1% at $10.81, after the company announced it will split into two publicly traded companies by next year.
Warner Bros. Discovery is splitting into two publicly traded companies: one with HBO Max, film, and TV business, and the other with its cable business.
As cable television continues to experience stagnation, with the trend of cord-cutting growing stronger each year, Warner Bros. Discovery (WBD) is adapting to the evolving media landscape by separating its streaming and cable operations.
Carl Quintanilla, Jim Cramer, and David Faber break down the biggest headlines and market moves of the day.
Warner Bros. Discovery (WBD) is splitting into two separate companies, the media conglomerate announced on Monday, sending its shares higher.
One company -- tentatively called Global Networks -- will hold familiar cable channels like CNN, TBS and TNT as well as Discovery+ streaming service.
The new Streaming & Studios company will include DC Studios and HBO, while Global Networks will include CNN and TNT.
CNBC's David Faber joins 'Squawk Box' to report on the latest news from Warner Bros. Discovery.