WarnerBros. Discovery announces major corporate restructure

(The Hill) -- Media conglomerate WarnerBros. Discovery (WBD) announced a major restructuring of its business on Thursday, splitting its linear and streaming arms into two separate companies as it eyes potential mergers and acquisitions in the coming year.

Under the new corporate structure, WBD will serve as the parent company for two distinct operating divisions: Global Linear Networks and Streaming and Studios.

The company said it expects the new corporate structure will "enhance clarity and focus, with each division positioned to deliver on its specific strategic and operational objectives."

David Zaslav, the company's chief executive said in a statement the hope is that the new structure "enhances our flexibility with potential future strategic opportunities across an evolving media landscape."

The news comes as the company, which owns major brands in news sports and entertainment like CNN, Turner Sports and DC Comics, is fighting off major debt issues and is facing increasing pressure from investors to cut costs.

The company was dealt a major blow earlier this year when it failed to secure rights to broadcast NBA games and, like other large media companies, has taken major losses on its linear assets in recent quarters.

It also comes just weeks after rival Comcast announced plans to spin off its linear assets and invest more heavily in streaming offerings.