Warner Bros. Discovery (WBD) is splitting into two separate companies, the media conglomerate announced on Monday, sending its shares higher.

The company will split into two separate public companies by the middle of next year. One company, Streaming & Studios, will include the Warner Bros. movie and TV studios along with the recently rebranded HBO Max streaming service, while Global Networks will be made up of WBD's cable channels like TNT, CNN, and the Discovery+ streaming service.

Warner Bros. Discovery shares were up rou𒀰ghly 9% in morning trading. They entereไd the day down about 7% since the start of the year.

The split is expected to be completed by the middle of next year, the comp♛any said in a statement.

WBD CEO David Zaslav, who recently had a nearly $52 million pay package 澳洲幸运5开奖号码历史查询:rejected by shareholders, will serve as CEO of the Streaming & Studios segment, while CFO Gunnar Wiedenfels will tak🃏e on the CEO role at Global Networks.

In December, the company announced that it would 澳洲幸运5开奖号码历史查询:internally restructure its operations into a TV- focused and a movie- and streaming-focused segment, and said it was open to splitting up the company in the long term. A 澳洲幸运5开奖号码历史查询:report last month that the split was like𝓰ly going to be announced soon sent WBD shares up 5%.

This article has been updated since it was first published to reflect new share-price information.