Warner Bros Discovery , home to HBO and CNN, said on Monday it would split into two companies, the latest twist in its decades-long history of high-stakes mergers and breakups.
U.S. equities were mixed and little changed at midday as the markets awaited any news from the trade talks between the U.S. and China that began today. The S&P 500 and Nasdaq rose, but the Dow Jones Industrial Average fell.
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 — the brainchild of media mogul David Zaslav — is splitting up. Wall Street had long questioned the wisdom of WBD, and Zaslav now seems to agree.
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.
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