Warner Bros Discovery decided to separate its declining cable TV business from the streaming and studio operations, laying the groundwork for a potential sale or spinoff of its TV business as cord-cutting picks up pace.
Its shares jumped 13% as the company said the new structure would be more deal friendly and that it expected to complete the split by the middle of 2025.
Media companies are considering options for their fading cable TV businesses as millions of consumers embrace streaming video, contributing to the decline in cable TV revenue, long the industry's cash cow.
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