Splitting Warner Bros. Discovery has its positives, but is also a ride on a dead-end street. Click here to find out why I am neutral on WBD stock.

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 Inc. was downgraded to junk by Moody’s Ratings, cementing the media giant as a fallen angel just years after it sold one of the biggest high-grade bond deals on record.