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, the parent company of HBO Max, CNN and TNT, announced Monday it would split into two companies by the middle of next year, the latest move by a major media conglomerate to reck

Warner Bros. Discovery will calve off cable operations from its streaming service, creating two independent companies as the number of people “cutting the cord” brings with it a sustained upheaval in the entertainment industry.