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.

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