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.

The announced split, which will take place next year, is yet another major media upheaval amid the ongoing cord-cutting that has endangered the cable business

Discovery merged in 2022, combining much of the company’s movie and TV libraries into HBO Max under the new Warner Bros. Discovery. Now the company is splitting back up, and it’s not clear what will happen to HBO Max and TV subscribers.