The film and television giant will turn its cable networks, including CNN and TNT, into one company and its streaming and studios business into another.

Zaslav and Gunnar Weidenfels detail the blockbuster unbundling of WBD: Decision "reflects our belief that each company will go further and faster apart than they can together."

Warner Bros Discovery will split its business into two publicly traded companies, with one focused on its streaming and studios business and the other on its television network businesses, including CNN and Discovery.