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.

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.

Today, with court filings certain to follow, it didn’t take Warner Bros Discovery that long at all to respond to Simmons’ $20 million defamation suit against On the Record –

Warner Bros. Discovery shareholders just rejected CEO David Zaslav's pay package. Wall Street thinks a split-up of the company may be next.