Warner Bros. Discovery (WBD) is splitting into two separate companies.
The David Zaslav-led conglom will divide between Streaming & Studios and Global Networks.
Zaslav will lead Streaming & Studios while CFO Gunnar Wiedenfels takes on the President and CEO fo Global Networks role. Both will continue in their present roles at WBD until the separation.
WBD said it “intends to separate the businesses in a tax-free manner for U.S. federal income tax purposes.” “The companies plan to implement arm’s length transition services and commercial agreements post-separation to facilitate the transition and maintain continued operational efficiencies,” it added.
“The cultural significance of this great company and the impactful stories it has brought to life for more than a century have touched countless people all over the world. It’s a treasured legacy we will proudly continue in this next chapter of our celebrated history,” said Zaslav.
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