After announcing a restructuring of its linear and streaming services, Warner Bros. Discovery experiences a 15% increase in its share price.

• On Thursday, Warner Bros. Discovery unveiled a plan to divide its business into two units: linear and streaming.
• According to a source, HBO, a longtime TV powerhouse, will be placed under the streaming unit.
• The move could simplify future consolidation.

On Thursday, the company announced a plan to divide its business into two units: linear and streaming, which could make future consolidation easier.

Shares of WBD were up roughly 15% in early trading Thursday.

The new global linear networks division of the company will house its news, sports, scripted and unscripted programming, including CNN, TBS, TNT, HGTV, and the Food Network. Meanwhile, the streaming and studios unit will house the company's film studios and streaming platform, Max.

According to a source, HBO, a longtime TV powerhouse, will be placed under the streaming unit.

Weeks after announced plans to spin out its cable networks, including CNBC, MSBNC, E!, Syfy, Golf Channel, USA, and Oxygen, an update has been provided.

David Zaslav, CEO of WBD, stated that the company continues to prioritize the well-positioning of its Global Linear Networks business to drive free cash flow, while its Streaming & Studios business focuses on driving growth by telling the world's most compelling stories.

By the middle of next year, Warner Bros. Discovery anticipates finishing the restructuring process.

Disclosure: Comcast is the parent company of CNBC.

— CNBC's Alex Sherman contributed to this report.