Warner Bros. Discovery chief executive and president David Zaslav yielded to the reality of the digital age and to the skepticism of Wall Street investors on Monday by announcing he would split the company into two: one focusing on streaming, the other on its cable networks.

Zaslav will lead the streaming and studios company, which will include HBO Max and the Warner Bros. movie and television studios. The cable business, including CNN, TBS, TNT and Discovery, is to be run by the current corporation's chief financial officer, Gunnar Wiedenfels.

"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 ou

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