(Reuters) - Warner Bros Discovery is moving towards a potential breakup, CNBC reported on Thursday, as media companies explore options for their struggling cable TV businesses and sharpen focus on their faster-growing streaming and studios divisions.
The company's shares surged more than 4% on the news, rebounding from earlier losses of nearly 6% triggered by a dour quarterly report. Warner Bros Discovery missed first-quarter revenue estimates and posted a larger-than-expected loss earlier in the day due to a sluggish box office performance and ongoing declines in cable.
