Warner Bros. Discovery is splitting into two separate publicly traded companies – one oriented around the HBO Max streaming service and Warner Bros. studio, and the other around CNN and other television networks.

Fitch on Wednesday downgraded Warner Bros. Discovery's (NASDAQ:WBD) long-term issuer default rating to "BB+" and said the separation will bring "significant uncertainty" to the company's credit profile.

NEW YORK (AP) — 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” brings with it a sustained upheaval in the entertainment industry.