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.

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.

Well, that didn't work so well. Warner Bros. Discovery (NASDAQ:WBD) is unraveling a $43B mega-merger that was completed in 2022, when WarnerMedia (divested from AT&T) merged with Discovery to create a media and entertainment conglomerate.