Warner Bros. Discovery restructures, setting stage for potential deals

Investors cheered the news that Warner Bros. Discovery planned to separate its cable channels, except for HBO, into a separate unit.
Warner Bros. Discovery announced a major restructuring Thursday, a preliminary step that could lead to the breakup of the battered media company.Investors cheered the news that the company was separating its linear networks — including CNN, TBS, Food Network, Cartoon Network and HGTV — into a distinct unit within the company. The move comes after Warner Bros. Discovery took a $9-billion write-down in August to reflect the diminishing value of its basic cable channels.The other half of the...

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