The media giant is breaking up into two publicly-traded companies — one it's calling “streaming and studios,” which will include HBO Max, DC Studios, and the Warner Brothers movie empire. The other is called “global networks,” and it’ll house CNN, TNT Sports, Discovery — its cable brands, basically.

Warner Bros. Discovery is splitting into two separate publicly traded companies – one oriented around the HBO Max streaming service and Warner Bros. studio, and the other around CNN and other television networks.

Warner Bros. Discovery Inc. is splitting itself in half, unshackling its fast-growing streaming business from the struggling legacy media channels and setting up two independent companies that could pursue deals on their own.