Warner Bros. Discovery (WBD) shares were as high as 6% when speculation continued on Thursday on the company's breakup.

CNBC's David Faber aired said it could issue an announcement in the "Not too far-fetched future," suggesting that WBD may be preparing to separate its declining linear cable network from its studio and streaming businesses completely.

Warner Bros. did not immediately respond to Yahoo Finance's request for comment.

There are some hints in the future. WBD said last year it would undergo a company restructuring to separate its traditional networks, including CNN, TBS, TNT, HGTV and Food Network, as well as growth drivers such as Studios and Streaming Platform Max.

The restructuring is expected to be completed by mid-2025.

"They have completed all the necessary reallocations," Fabre said, noting that the company had exploded in each business unit in its first quarter earnings report and released on Thursday. According to him, this is usually a sign that a split may be coming. Still, he added: "When will it come? How will it come? Of course, it's still a problem."

Speculation about a breakup has intensified over the past year as media groups work to reduce debt, simplify operations and reignite growth in a rapidly growing media landscape. Currently, WBD has paid back $2.2 billion in debt in the first quarter, with a total debt of approximately $38 billion.

Amid the backdrop of financial pressure and industry transformation, wider market dynamics have also had an impact on media transactions.

In 2024, the unfavorable regulatory environment has curbed sentiment due to rising interest rates, so tight transaction volumes are seen. Despite optimism that 2025 may trigger a rebound, President Trump's unpredictable tariff policies have increased uncertainty over the outlook.

Meanwhile, interest rates remain stubbornly high, and the Fed said it would wait for higher economic clarity before considering any cuts.

Although the future is unclear, some strategic shifts are already underway. In the second half of 2024, Comcast (CMCSA) said it split most of its cable properties into a new company, named Versant.

Wall Street analysts suggest Comcast's upcoming spin-off (which is expected to debut before the end of the year) may gain other hit-and-pull wired properties, describing it as an active development exposed to competitors of traditional networks, such as WBD.

The long-term decline in traditional cable business is driven by structural changes in audience consumption content. For years, linear advertising and membership fees, or paying for TV providers to pay channels to network owners, have boosted revenue from traditional media. But the decline in wired subscribers transferred to streaming media has hurt membership revenue.