Warner Bros. Discovery (WBD) is officially splitting into two separate, publicly traded companies in a tax-free transaction by mid-2026, signaling a shift for DC Comics. This strategic move aims to allow each new company to maximize its potential and sharpen its focus.

Warner Bros. Discovery Inc.’s plan to spin off television channels like CNN, TNT and Food Network from its studio and streaming businesses is causing angst in the bond market, with a big selloff follo...