Core Viewpoint - Warner Bros Discovery Inc is set to split into two publicly traded companies by next year, with CEO David Zaslav leading the streaming and studios company that will include HBO Max, while CFO Gunnar Wiedenfels will head the global networks business, which encompasses CNN, TNT Sports, and Discovery [1] Group 1 - Warner Bros stock increased by 10.1% to $10.81, marking its highest level since April 1 and moving into positive territory for the year with a 3.1% year-to-date gain [1][2] - The stock experienced significant options activity, with 60,000 calls traded, which is 11 times the typical volume for WBD, compared to 6,650 puts [3] - The June 11 call option was the most popular, followed by the weekly 6/13 11-strike call, indicating strong bullish sentiment [3] Group 2 - The call/put volume ratio for WBD was 5.67, ranking higher than 99% of readings from the past year, suggesting a strong preference for calls over puts [4]

Core Viewpoint - Warner Bros. Discovery plans to split into two public companies by next year, responding to the industry's shift from cable to streaming [1] Group 1: Company Structure - The split will create two entities: Streaming and Studios, which will include movie properties and HBO Max, and Global Networks, which will encompass CNN, TNT Sports, and Discovery [1] - CEO David Zaslav will lead the Streaming and Studios company, while current CFO Gunnar Wiedenfels will become CEO of Global Networks [2] Group 2: Timeline and Market Impact - The company expects to complete the split by the middle of 2026 [2] - Warner Bros. Discovery shares were halted in extended trading on the announcement [2]