A Jersey City journalist is recovering after being struck by a vehicle in a hit-and-run that ended in a violent multi-car crash and a string of charges against the driver, authorities said. According to police and witness accounts, the collision occurred in Jersey City when a vehicle struck a pedestrian and left the scene. The victim, a local journalist, was thrown to the ground and suffered injuries that required medical treatment. Instead of stopping, the driver, a resident in Bayonne New Jersey, Laura Castaneda, allegedly fled the area at a high rate of speed. Witnesses told investigators that the vehicle was seen traveling at what they believed to be more than 90 miles per hour along West Side Avenue, heading in the direction of Bayonne. Within seconds, the driver reportedly lost control and crashed into three parked vehicles, totaling all three as well as the vehicle they were driving. Emergency responders arrived on scene to find significant damage to the parked cars and debri...
Warner Bros. Discovery to Split into Two Public Companies by Mid-2026, Aiming to Boost Shareholder Value
The two new companies will be Streaming & Studios and Global Networks. Streaming & Studios, led by WBD CEO David Zaslav, will include HBO, HBO Max (with 122 million global subscribers), Warner Bros. Motion Picture Group, Warner Bros. Television, and DC Studios. This division will focus on premium content creation and streaming, leveraging hits like Dune: Part Two, Succession, and The Batman. Global Networks, under incoming CEO Gunnar Wiedenfels (currently WBD’s CFO), will manage cable assets like CNN, TNT Sports, TBS, Discovery, Food Network, HGTV, TLC, and Discovery+. This entity will prioritize steady cash flow from linear TV while addressing the decline in traditional pay-TV subscriptions.
“This is about giving each business the clarity and flexibility to thrive,” Zaslav said in a statement. “By separating our growth-oriented streaming and studio operations from our resilient network portfolio, we’re creating two focused companies that can better serve audiences and deliver for shareholders.”
What It Means for Shareholders
The split is structured as a tax-free spinoff, meaning WBD shareholders will receive proportional shares in both new companies without immediate tax implications. This approach aims to maximize value by allowing each entity to pursue tailored strategies. Streaming & Studios is expected to attract growth-oriented investors drawn to its streaming and theatrical potential, while Global Networks may appeal to those seeking stable dividends from its cash-generating cable assets.
However, the split introduces risks. Global Networks will inherit most of WBD’s $21 billion debt, potentially limiting its financial flexibility and making it a target for private equity or consolidation with players like Comcast’s Versant. Streaming & Studios, while debt-lighter, faces intense competition in the streaming market, where profitability remains elusive. WBD’s stock, which has fallen nearly 50% since the 2022 Discovery-WarnerMedia merger, saw a volatile response to the announcement, climbing 10% early but closing down 2% as investors weighed the uncertainties.
Analysts are cautiously optimistic. “The split could unlock hidden value by separating assets with different growth profiles,” said Laura Martin of Needham & Company. “Shareholders benefit from clearer investment choices, but success hinges on execution in a tough market.” The potential for mergers and acquisitions post-split could further enhance value, with speculation that Streaming & Studios might draw interest from tech giants or that Global Networks could merge with other cable operators.
Strategic Context and Industry Impact
The decision follows a December 2024 restructuring that divided WBD’s operations to prepare for the split. It reflects broader industry trends, as companies like Lionsgate and Comcast shed legacy assets to focus on high-growth sectors. The 2022 merger that formed WBD, combining Discovery’s $43 billion acquisition of WarnerMedia with $50 billion in debt (since reduced by $19 billion), has struggled to deliver synergies amid a shrinking cable TV market and streaming wars.
Operationally, the split is designed for efficiency, with minimal executive overlap. Channing Dungey will continue leading Warner Bros. Television under Streaming & Studios, while most programming and finance functions are already separated. The move positions both companies for potential dealmaking, with no mandatory waiting period post-split.
Looking Ahead
The split, pending regulatory approval, is set to finalize by mid-2026. Until then, Zaslav and Wiedenfels will guide the transition. For shareholders, the restructuring offers a chance to invest in two distinct visions: a high-risk, high-reward streaming and studio powerhouse, and a cash-flow-driven network business. Yet, with a fragmented media landscape and economic uncertainty, the success of this bold strategy remains uncertain.
“This is a pragmatic move to align with where audiences and markets are headed,” said media analyst Dan Coatsworth. “For shareholders, it’s a bet on specialization driving value, but the road ahead won’t be easy.”