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 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.

He points out that the AT&T deal that formed Warner Bros. Discovery in the first place helped set the template Zaslav and Wiedenfels are following into the future with Streaming & Studios and Global Networks.