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.

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.

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