Warner Bros. Discovery, the parent company of HBO Max, CNN and TNT, announced Monday it would split into two companies by the middle of next year, the latest move by a major media conglomerate to reck

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 announced Monday that it will spin off its cable networks, including those that comprise TNT Sports, into a new company. WBD is dividing its properties into two entities, one of which is temporarily being called Global Networks,