Warner Bros. Discovery (WBD) stock price continued its underperformance this year as concerns about its business accelerated. It started the year trading at $11.4, crashed to $6.63, and rebounded to $10.

Warner Bros. Discovery, CNN’s corporate parent, announced Thursday it is establishing a new corporate structure that splits its cable networks off from its growing streaming business.

Warner Bros. Discovery Inc. a global media and entertainment company, announced that its Board of Directors authorized the Company to implement a new corporate structure designed to enhance its strategic flexibility and create potential opportunities to unlock additional shareholder value.

Warner Bros. Discovery became the latest media giant hit by the rise of cord-cutting and streaming to announce a restructuring, with plans to split its TV business from its streaming and film studios.

On Dec. 12, shares of media giant Warner Bros. Discovery (NASDAQ: WBD) rallied over 15%. This immense gain was due to an announcement that the firm will restructure its business, which offers several key potential benefits.

Valued at a market cap of $25.7 billion, Warner Bros. Discovery, Inc. (WBD) is a media and entertainment company which creates and distributes a portfolio of content and brands across television, film and streaming.