Shares of Warner Bros. Discovery Inc. Series A slid 3.33% to $10.16 Thursday, on what proved to be an all-around favorable trading session for the stock market, with the S&P 500 Index rising 0.38% to 6,

Warner Bros. Discovery will split into two companies by next year, with much of its streaming and movie production moving under one company and its live sports and news to another, according to the Washington Post .

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.

Though the new year has almost passed its first full fiscal quarter, media layoffs across the entertainment industry have continued to bleed over from last year’s avalanche of job cuts. The unfortunate trend can still be felt following the COVID-19 pandemic,