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 first of these two companies is tentatively dubbed "Streaming & Studios," though it will almost certainly maintain the Warner Bros. name. This company will comprise Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO and the streaming service HBO Max, along with these brands' existing film and television libraries.

He and Gunnar Weidenfels detail the blockbuster unbundling of WBD: Decision "reflects our belief that each company will go further and faster apart than they can together."

The film and television giant will turn its cable networks, including CNN and TNT, into one company and its streaming and studios business into another.