Warner Bros Discovery jumps as media firm to split into two public companies

Warner Bros Discovery's WBD.O shares rise 9.9% to $10.79 premarket

WBD says it will split into two publicly traded companies; the separation is expected to be completed by mid-2026

Co will be separating its studios and streaming business from its fading cable television networks

WBD's announcement comes as cable giant Comcast CMCSA.O is also spinning off its portfolio of cable networks, including CNBC and MSNBC, into a new publicly traded co called Versant

As of last close, WBD down ~7% this year