Warner Bros. Discovery will split into two separate companies as legacy media grapples with mounting debt, shifting audiences, and industry-wide disruption.

Splitting Warner Bros. Discovery has its positives, but is also a ride on a dead-end street. Click here to find out why I am neutral on WBD stock.

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.