The vision of Warner Bros. Discovery hasn't panned out, but it opens the door for the studio to do more and for linear to find a new life.

Hollywood conglomerate Warner Bros. Discovery on Monday made it official, unveiling plans to separate the company, in a tax-free transaction, into two publicly traded companies, “enabling each to maximize its potential.”

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.