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Warner Bros. Discovery plans to split into two companies by separating its studios and streaming from cable TV networks to better compete in the evolving media landscape.
S&P Global downgraded the media giant's unsecured bonds, put it on a negative credit watch and will review whether to lower the company's other ratings
Warner Bros. Discovery will split into two companies by next year, with much of its streaming and movie production moving under one company and its live sports and news to another, according to the Washington Post .