Warner Bros Discovery splits into 2 companies: How will media breakup affect USD 38bn gross debt?

Warner Bros Discovery said it would split into two publicly traded companies, separating its studios and streaming business from its fading cable television networks as the parent of HBO and CNN looks to compete better in the streaming era.

The breakup is the latest unraveling of decades of media consolidation that created global conglomerates spanning content creation, distribution and in some cases, telecommunications.