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.

Subscribers to the company’s flagship streaming service, Max, watch HBO content, studio movies and older Warner Bros. series — and little else.

Warner Bros. Discovery, the parent company to Atlanta-based cable channels such as CNN, TBS and TNT, plans to split into two publicly traded companies, largely parting its television networks from its streaming business.