Restructuring increases chances of break-up of US media behemoth
Warner Bros Discovery unveiled plans to split its television networks and streaming and studios businesses into two units, in a move that heightens the odds of a break-up of the owner of HBO and CNN. The group’s restructuring plans, announced on Thursday, sent shares rallying as much as 16 per cent to the highest level since late 2023, according to FactSet data. They are still down some 50 per cent since the group was formed in 2022 by the merger of Warner Media and Discovery.
Media groups are seeking to unshackle their faster-growing streaming businesses from these declining channels to jump-start their sagging stock prices. “This new structure should give the company more flexibility for future strategic actions, such as a strategic spin of their studio and streaming assets,” analysts at Bank of America said on Thursday. “We believe Warner Bros standalone streaming and studio assets would be an attractive takeover target for multiple suitors.
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