The reorganization comes after Warner Bros. Discovery took a $9-billion write-down for its basic cable channel group.
In a major consolidation, Warner Bros. Discovery said Friday that it would shift oversight of its struggling U.S. Networks group to television studio chief Channing Dungey. The move will become official at the end of the year when Discovery executive Kathleen Finch, a former journalist and longtime Food Network chief, retires from the company.
Earlier this month, Warner Bros. Discovery took a $9-billion write-down on the value of its basic cable networks group, which includes CNN, TNT, TLC and HGTV. Investors have sent the company's shares plummeting, rattled by TNT Sports' expected loss of its NBA contract after next season. The channels have been reeling amid consumers' embrace of streaming options including Netflix and Hulu.
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