Warner Bros. Discovery stands out as one of the weakest investment options in the current media landscape. Click here to find out why WBD is a Strong Sell.

NEW YORK — Warner Bros. Discovery will calve off cable operations from its streaming service, creating two independent companies as the number of people “cutting the cord” brings with it a sustained upheaval in the entertainment industry.

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 .

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.

At the end of March, Warner Bros. Discovery had gross debt of $38.0 billion, which is comprised of “total debt” ($37.4 billion) and financial leases ($535 million). The 2022 merger of WarnerMedia (owned by AT&T) and Discovery, Inc. created more than $50 billion of debt.

EXCLUSIVE: Adam Galen has been promoted to Vice President of Development at Warner Bros. Pictures Animation, the division’s President Bill Damaschke announced on Tuesday. In his elevated role, Galen will work alongside Susan Akinbola to lead the studio’s feature development slate,