Warner Bros Discovery Inc. $WBD has announced a landmark corporate restructuring that will result in the creation of two independently traded public companies. The move aims to decouple the company’s high-growth streaming and studio assets—Warner Bros, HBO Max, and DC Studios—from its legacy cable networks, including CNN and TNT Sports. This strategic breakup reverses part of the 2022 WarnerMedia–Discovery merger and underscores the shifting priorities of global media giants navigating the digital transformation.