Warner Bros. Discovery is splitting itself into two stand-alone publicly traded entertainment companies, separating its HBO Max streaming service, movie studio and TV production business from its cable networks. One company will be home to CNN, TNT, TBS and Warner’s dozens of cable channels, as well as its international holdings. The move effectively undoes much of Warner Media and Discovery Communications’ 2022 merger, separating Warner’s marquee film and TV from Discovery’s reality and nonfiction fare.