Warner Bros. Discovery chief executive David Zaslav said an internal reorganization into two operating divisions, Global Linear Networks and Studios & Streaming, means “we can move quickly if we decide to change and make a determination on restructuring.”Comcast is doing just that, far along in splitting off its linear cable networks from the rest of NBCUniversal and into a standalone public company called Versant. Warner Bros. Discovery announced a similar division, but just internally and for financial reporting purposes that started with Q1 results posted earlier today. There’s now increasing speculation around if or when the company could follow Comcast’s playbook and split for real as linear television continues to decline.A big question and Wall Street concern is how Warner Bros. Discovery’s substantial debt would be apportioned between the two businesses in an actual split.Asked about that on call with analysts today, CFO Gunnar Weidenfels declined “to speculate on capital structures for hypothetical parts of the company” but said, “we are very happy that we were able to get through this reorganization as quickly as we did. … We believe that we are now properly structured to take advantage of whatever opportunities may arise.”Zaslav told analysts it gives “real visibility to you and to all of our shareholders — to see what we’re seeing, to be able to see that we’re the biggest maker of content, and we have the largest production operation globally, and we have a streaming service that has really grown. … Putting this structure in place, you’re able to see that, and you also able see that on our traditional business side, we’re global. It’s free to air, it’s sports, it’s global news, it’s differentiated cable brands, all of which can nourish and enhance our existing streaming business. But it shows you kind of how we look at the business.”
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