INSUBCONTINENT EXCLUSIVE:
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.The US media giant said the move would unlock value for shareholders as
well as create opportunities for both businesses, breaking up a group created just three years ago from the merger of Warner Media and
Discovery last year revealed its intent to split its business in two, a plan first reported by the Financial Times in July last year
The company intends to complete the split by the middle of next year.The move comes on the heels of a similar move by rival Comcast, which
last year announced plans to spin off its television networks, including CNBC and MSNBC, into a separate company.US media giants are seeking
to split their faster growing streaming businesses from their legacy television networks, which are facing the prospect of long-term decline
as viewers turn away from traditional television.Warner Bros
Discovery shares were more than 10 percent higher pre-market.David Zaslav, chief executive of Warner Bros
Discovery, will head the streaming and studios arm, while chief financial officer Gunnar Wiedenfels will serve as president and chief
executive of global networks
Motion Picture Group, DC Studios, HBO, and HBO Max, as well as their film and television libraries.Global networks will include
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