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Warner Bros. Discovery, Inc. (NASDAQ:WBD) shares are trading higher on Friday.
The company announced that Kathleen Finch, Chairman and CEO of U.S. Networks, will retire after 25 years of service.
Following her retirement at the end of the year, Channing Dungey, Chairman and CEO of Warner Bros. Television Group, will take over the leadership of the U.S. Networks business, per a statement.
Finch has led the unit since the Discovery-WarnerMedia merger in 2022 and previously managed a dozen lifestyle networks for Discovery, reported The Wall Street Journal.
In 2022, following the creation of Warner Bros. Discovery, Finch assumed oversight of animation juggernauts Adult Swim and Cartoon Network, as well as top entertainment cable networks TNT and TBS.
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The change indicates that Warner Bros. Discovery is aiming to reevaluate its content strategy for its cable networks, the report noted.
In recent years, the company has reduced its focus on scripted content like sitcoms and dramas, shifting instead towards reruns and unscripted programming such as reality TV, while prioritizing the growth of its direct-to-consumer streaming platform, Max.
Dungey will assume control of the company’s cable business during a challenging period, the report added. Cord-cutting has severely impacted cable networks, with ratings and ad revenue declining for years.
Last week, Warner Bros. Discovery wrote down $9.1 billion of its cable networks’ value, while Paramount Global reduced the value of its cable business by nearly $6 billion.
Related: Warner Bros. Discovery’s $9.1B Impairment Reflects ‘State Of The Industry’: CFO
Networks under Dungey’s oversight will include TNT, TBS, HGTV, Discovery, OWN, and TLC. The report further noted that she will not be involved with CNN, which operates as a separate unit, or HBO, which is outside the U.S. Networks group.
According to Benzinga Pro, WBD stock has lost over 44% in the past year. Investors can gain exposure to the stock via the Invesco Leisure and Entertainment ETF (NYSE:PEJ) and the First Trust Exchange-Traded Fund First Trust S&P 500 Diversified Free Cash Flow ETF (NYSE:FCFY).
Price Action: WBD shares are trading higher by 1.35% to $7.33 at last check Friday.
Photo courtesy: Shutterstock
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