"The 24-hour news channel is conspicuously absent from the media entities that Netflix said on Friday it planned to acquire in its proposed takeover of Warner Bros. Discovery. Instead, CNN, along with old-line cable networks like TNT, Discovery, HGTV and the Food Network, will be spun off into a separate publicly traded company that, by next year, will be called Discovery Global. Gunnar Wiedenfels, the chief financial officer of Warner Bros. Discovery, will lead the new company."
"I've been asked by many of you what today's news means for us. And the answer is that it will enable us to continue to roll out our strategy to secure a great future for CNN by successfully navigating our digital transition."
Netflix agreed to acquire Warner Bros. Discovery for $82.7 billion, targeting its film and TV studios, gaming business, HBO Max and HBO. CNN and legacy cable networks such as TNT, Discovery, HGTV and the Food Network will be spun off into a separate publicly traded company to be named Discovery Global and led by Gunnar Wiedenfels. CNN leadership said the change enables continued implementation of a digital-transition strategy. Vanity Fair severed ties with controversial hire Olivia Nuzzi following backlash. President Donald Trump continued publicly insulting reporters and media members he disfavors.
Read at Poynter
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