Warner Bros. Discovery Inc.’s decision to split into two independent companies is a sign of a broader “shakeout” across a media industry that has become increasingly dominated by streaming and on-demand services,

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 will split into two companies by next year, with much of its streaming and movie production moving under one company and its live sports and news to another, according to the Washington Post .