The film and television giant will turn its cable networks, including CNN and TNT, into one company and its streaming and studios business into another.

David Zaslav clinched a debt-heavy deal to merge cable mainstay Discovery Inc. - which he'd run since 2006 - with what was then called WarnerMedia. The story he told investors was that the two entities' diverse array of media assets "are better and more valuable together.

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 .

Though the new year has almost passed its first full fiscal quarter, media layoffs across the entertainment industry have continued to bleed over from last year’s avalanche of job cuts. The unfortunate trend can still be felt following the COVID-19 pandemic,