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.