The first of these two companies is tentatively dubbed "Streaming & Studios," though it will almost certainly maintain the Warner Bros. name. This company will comprise Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO and the streaming service HBO Max, along with these brands' existing film and television libraries.

Here's a breakdown of what Warner Bros. Discovery's two entities would look like following the split, expected to be completed by mid-2026.

Warner Bros Discovery said it would split into two publicly traded companies, separating its studios and streaming business from its fading cable television networks as the parent of HBO and CNN looks to compete better in the streaming era.