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.

Wall Street analysts are bullish the move could pave the way for M&A and bring the industry a step closer to rationalization

Warner Bros. Discovery on Monday announced a plan to separate into two independent public companies. The move creates a streaming giant and a separate company for its global networks.