Every deal has its own rationale and its own narrative that follows separation – you can’t say the act itself guarantees any particular outcome. What's next for this one?

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.

Three years after its formation through a merger, Warner Bros. Discovery is splitting up, and its CFO is stepping into his first CEO role. The media and entertainment giant announced on Monday that it will separate into two publicly traded companies through a tax-free transaction.