Warner Bros. Discovery, led by CEO David Zaslav, has become the latest Hollywood studio to rework its corporate structure with an eye toward a possible spin off of its legacy TV assets. WBD on Thursday said it was reorganizing its corporate structure into a global linear TV division, separate from from its streaming and studios division.

Warner Bros Discovery said on Thursday it would implement a new corporate structure where it would serve as the parent for two distinct operating divisions — linear TV business and a unit comprising its studios and streaming platform.

Although this might be exciting news for most Harry Potter fans, some were not as happy with the announcement, including one of Warner Bros. Discovery's most prominent partners. W

Warner Bros Discovery said on Thursday it would separate its declining cable TV business from the growing streaming and studio operations, laying the groundwork for a potential sale or spinoff of its traditional TV business as cord-cutting picks pace.