Warner Bros. Discovery (WBD) is splitting into two separate companies, the media conglomerate announced on Monday, sending its shares higher.

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.

Warner Bros. Discovery shares rose sharply Monday morning but turned lower and were down 3% in recent trading. The🍰y have lost about 10% of their value since the start of the year.

The split is expected to be completed by the middle ꧙of next year, the company said.

WBD CEO David Zaslav, who recently had his nearly $52 million 2024 compensation package symbolically 澳洲幸运5官方开奖结果体彩网:rejected by shareholders, will serve as CEO of the Streaming & Studios segment, while CFO Gunnar Wiedenfels will take on the CEO role at Global N♔etworks.

In December, the company announced that it would 澳洲幸运5官方开奖结果体彩网:internally restructure its operations into a TV-focused and a movie- and streaming-focused segment, and said it was open to splitting up the company in the long term. A 澳洲幸运5官方开奖结果体彩网:report last month that the split was likely going to♎ be announced soon se🌼nt WBD shares up 5%.

UPDATE—This article has been updated with the latest share price information.