Warner Bros. Discovery is splitting into two separate publicly traded companies – one oriented around the HBO Max streaming service and Warner Bros. studio, and the other around CNN and other television networks.

Warner Bros. Discovery's upcoming breakup marks yet another (perhaps the grandest) reversal of the company's original strategic business plan.

Warner Bros. Discovery Inc.’s plan to spin off television channels like CNN, TNT and Food Network from its studio and streaming businesses is causing angst in the bond market, with a big selloff follo...