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 media conglomerate will divvy up its assets in movies, TV, gaming and other areas into two companies: Streaming & Studios and Global Networks.

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.