Warner Bros. Discovery, Inc. plans to split streaming and network units to boost cash flow, reduce debt, and enhance shareholder value. Click for our WBD update.

Subscribers to the company’s flagship streaming service, Max, watch HBO content, studio movies and older Warner Bros. series — and little else.

Three years after its formation through a merger, Warner Bros. Discovery is splitting up, and its CFO is stepping into his first CEO role. The media and entertainment giant announced on Monday that it will separate into two publicly traded companies through a tax-free transaction.