Shares of Warner Bros. Discovery Inc. Series A slid 3.33% to $10.16 Thursday, on what proved to be an all-around favorable trading session for the stock market, with the S&P 500 Index rising 0.38% to 6,

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.

The film and television giant will turn its cable networks, including CNN and TNT, into one company and its streaming and studios business into another.

Warner Bros. Discovery, the parent company to Atlanta-based cable channels such as CNN, TBS and TNT, plans to split into two publicly traded companies, largely parting its television networks from its streaming business.