The film and television giant will turn its cable networks, including CNN and TNT, into one company and its streaming and studios business into another.

Fitch on Wednesday downgraded Warner Bros. Discovery's (NASDAQ:WBD) long-term issuer default rating to "BB+" and said the separation will bring "significant uncertainty" to the company's credit profile.

The new Streaming & Studios company will include DC Studios and HBO, while Global Networks will include CNN and TNT.