Wall Street analysts are bullish the move could pave the way for M&A and bring the industry a step closer to rationalization

The split comes three years after Warner Bros. and Discovery merged in a bid to capture more of the highly competitive streaming market.

NEW YORK (AP) — Warner Bros. Discovery will split into two public companies by next year, calving off cable operations from its streaming service as the number of people “cutting the cord” brings with it a sustained upheaval in the entertainment industry.