Warner Bros. Discovery Inc. a global media and entertainment company, announced that its Board of Directors authorized the Company to implement a new corporate structure designed to enhance its strategic flexibility and create potential opportunities to unlock additional shareholder value.

Warner Bros. Discovery, CNN’s corporate parent, announced Thursday it is establishing a new corporate structure that splits its cable networks off from its growing streaming business.

On Dec. 12, shares of media giant Warner Bros. Discovery (NASDAQ: WBD) rallied over 15%. This immense gain was due to an announcement that the firm will restructure its business, which offers several key potential benefits.

David Zaslav, president and CEO of Warner Bros. Discovery, sold just over $30 million worth of his stock holdings in the media conglomerate.

On November 20, Warner Bros. Discovery shares formed a “Golden Cross” formation as the stock’s 50-day moving average crossed above its 200-day moving average. The pattern is often a reliable forecast that a stock has shifted into a positive momentum stage that results in higher prices 4-6 months later.

Warner Bros. Discovery became the latest media giant hit by the rise of cord-cutting and streaming to announce a restructuring, with plans to split its TV business from its streaming and film studios.

Valued at a market cap of $25.7 billion, Warner Bros. Discovery, Inc. (WBD) is a media and entertainment company which creates and distributes a portfolio of content and brands across television, film and streaming.