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Warner Bros. Discovery (WBD) has announced a significant restructuring, revealing plans to split into two independent publicly traded companies by mid-2026.

Warner Bros. Discovery will split into two public companies by next year, calving off cable operations from its streaming service as the number of people “cutting the cord” rises.

Warner Bros. Discovery is splitting into two separate companies, the media conglomerate announced on Monday.

Warner Bros. Discovery said it will separate its media businesses into two new companies, with cable in one and streaming and studios in the second.