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,

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,

Confusion over how the media giant plans to restructure its debt following a spinoff of cable channels like CNN and TNT have rattled the market for its bonds.