11:27 AM EST, 12/12/2024 (MT Newswires) -- (Updates with stock price movement in the headline and first paragraph.)

Warner Bros. Discovery ( WBD ) shares were up over 15% in recent trading on Thursday after it announced restructuring plans.

The company said that it plans to implement a new corporate structure that will split operations into two divisions: Global Linear Networks, which is focused on profitability and cash flow, and Streaming & Studios, which is targeting growth through streaming and entertainment.

The company said it expects the restructuring to increase strategic flexibility and unlock shareholder value, with completion scheduled for mid-2025.

Price: 12.48, Change: +1.66, Percent Change: +15.32