On Thursday, Warner Bros. Discovery, Inc (NASDAQ:WBD) stock climbed after the board approved the company’s plans to implement a new corporate structure.

Under this new corporate structure, Warner Bros. Discovery will have two distinct operating divisions: Global Linear Networks and Streaming & Studios.

Global Linear Networks is the linear television business while Streaming & Studios encompasses film and entertainment studios with its intellectual property portfolio. 

Warner Bros. Discovery expects to implement the new corporate structure by mid-2025.

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Earlier this week, Warner Bros. Discovery inked a multiyear deal with Comcast Corp (NASDAQ:CMCSA) to provide its content library to Xfinity and Sky customers in the UK and Ireland. The agreement utilizes Comcast’s global technology platform for linear TV, apps, and streaming services.

In November, Warner Bros. Discovery extended its NBA partnership for eleven years.

Warner Bros. Discovery reported a 3% third-quarter revenue decline to $9.6 billion, missing the consensus estimate of $9.8 billion. EPS of 5 cents beat the analyst estimate loss of 9 cents. Max added 7.2 million new subscribers in the quarter, marking the platform’s highest quarterly growth since launch.

Investors can gain exposure to Warner Bros. Discovery through Invesco Leisure and Entertainment ETF (NYSE:PEJ) and The Communication Services Select Sector SPDR Fund (NYSE:XLC).

Price Action: Warner Bros. Discovery stock is up 13.7% at $12.30 at the last check Thursday. The stock surged 33% in the last 30 days.

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