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.

Warner Bros. Discovery said it will separate its media businesses into two new companies, with cable in one and streaming and studios in the second.

He points out that the AT&T deal that formed Warner Bros. Discovery in the first place helped set the template Zaslav and Wiedenfels are following into the future with Streaming & Studios and Global Networks.