Warner Bros. Discovery to split into two companies

(NBC, KYMA/KECY) - Warner Bros. Discovery, the parent company of HBO Max, CNN and TNT, is splitting up its brands.

The legacy media giant announced Monday it plans to separate its cable networks and streaming services.

"Streaming and Studios" will be tasked with everything from HBO content production to developing new movies, with David Zaslav, President and CEO of Warner Bros. Discovery, serving as its President and CEO.

At the same time, "Global Network" is set to house services like CNN, TNT Sports, and Discovery Network, with Gunnar Wiedenfels, CFO of Warner Bros. Discovery, serving as its President and CEO.

The Warner split is expected to be finalized by the middle of next year.