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.

I t’s been barely four days since Warner Bros. Discovery announced its plan to carve up the company anew, and we already have some idea of what the strategy looks like behind sp