The company will split into two separate public companies by the middle of next year. One company, Streaming & Studios, will include the Warner Bros. movie and TV studios along with the recently rebranded HBO Max streaming service, while Global Networks will be made up of WBD's cable channels like TNT, CNN, and the Discovery+ streaming service.

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Just three years after arguing that the best way to boost the value of Warner Media and Discovery Inc was to combine their assets, chief executive officer David Zaslav now says that the real key to unlocking their potential worth is to split them apart.

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Warner Bros. Discovery is splitting up after just over three years, and Wall Street is cheering. The spinoff will create a slew of new questions.

The Warner Brothers legacy started off with a $1,000 projector when Sam Warner saw the potential of motion pictures while working as a projectionist in the early 1900s. Over the last 100+ years, their company has seen many ups and downs, several leadership changes, and has undergone multiple corporate transactions and renaming.