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

This week’s effective break-up of the US media group after just three years has left staff exasperated as the swashbuckling pay television era disintegrates.

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