The studio and streaming business will largely operate the same as WBD currently does, without the burden of the sagging linear TV assets. Though the split will relieve the company of much of its current $34 billion debt, Zaslav has deep industry ties, which will continue to serve the company as they focus on movies and larger franchises.

Three years after WarnerMedia joined Discovery Inc., the media conglomerate created from that merger says it needs to be nimbler to compete. Warner Bros. Discovery is saying That’s all, folks.

Warner Bros. Discovery's upcoming split will impact investors, and there are three key risks that could hinder stock growth. Read more on the overview of WBD's breakup.