Warner Bros. Discovery is splitting into two separate publicly traded companies – one oriented around the HBO Max streaming service and Warner Bros. studio, and the other around CNN and other television networks.

Credit ratings agency Fitch Ratings on Wednesday downgraded Warner Bros Discovery to junk status following the company's announced split-up earlier this week, as investors weigh the deal's likely impact on holders of its debt.

Warner Bros. Discovery’s announced separation follows the industry’s latest M&A trend. In this case, separation is easy. Successfully shaping what comes next is the hard part.