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.

Every deal has its own rationale and its own narrative that follows separation – you can’t say the act itself guarantees any particular outcome. What's next for this one?

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 will split into two companies by next year, with much of its streaming and movie production moving under one company and its live sports and news to another, according to the Washington Post .

At the end of March, Warner Bros. Discovery had gross debt of $38.0 billion, which is comprised of “total debt” ($37.4 billion) and financial leases ($535 million). The 2022 merger of WarnerMedia (owned by AT&T) and Discovery, Inc. created more than $50 billion of debt.

EXCLUSIVE: Adam Galen has been promoted to Vice President of Development at Warner Bros. Pictures Animation, the division’s President Bill Damaschke announced on Tuesday. In his elevated role, Galen will work alongside Susan Akinbola to lead the studio’s feature development slate,