Warner Bros. Discovery, as it telegraphed six months ago, is breaking itself into two chunks. One company will be “WBD Streaming & Studios,” encompassing Warner Bros. Pictures, HBO, Max/HBO Max and more.

The announced split, which will take place next year, is yet another major media upheaval amid the ongoing cord-cutting that has endangered the cable business

Warner Bros. Discovery Inc. is splitting itself into two publicly traded companies, one with its HBO Max streaming service, film and television business, and the other with its struggling cable business.