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.

The move effectively undoes much of Warner Media and Discovery Communications’ 2022 merger, separating Warner’s marquee film and TV from Discovery’s reality and nonfiction f

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.