Comcast has named Mike Cavanagh as co-CEO alongside Brian Roberts, starting in January. Cavanagh, currently president, will also join the Comcast board of directors. The stock was flat following the announcement, with shares down 15% this year. Cavanagh has been considered heir apparent to Roberts by industry insiders.

Netflix promoted Greg Peters to co-CEO alongside Ted Sarandos, as Reed Hastings steps back. Peters has focused on expanding partnerships and growing Netflix’s international footprint. The disruption caused by Netflix has led to a new wave of finance and operations-oriented leaders in the entertainment industry.

Warner Bros. Discovery will split into two businesses, with CFO Gunnar Wiedenfels set to become CEO of Discovery Global. Comcast has faced challenges due to increased competition in broadband, resulting in a slowdown in subscriber growth. Despite new market strategies, Comcast reported a loss of 226,000 domestic broadband customers in the second quarter.

Comcast is set to report its next quarterly earnings on October 30. Comcast is the parent company of NBCUniversal, which owns CNBC.

Read more at CNBC: Comcast names Mike Cavanagh as co-CEO alongside Brian Roberts