Warner Bros. Discovery is reorganizing its business into two separate units: one for linear networks, and the other for streaming and studios business. The move, which is set to be complete by mid-2025, is meant to help the company “pursue further value creation,” potentially bringing it closer to breaking off its linear business entirely.

Shares rose about 3% in premarket trading after the company said the new corporate structure will "increase optionality to pursue further value creation opportunities for both divisions". Media companies are considering options for their cable TV businesses as a largescale shift by consumers toward streaming has slammed growth in traditional TV,