Warner Bros. Discovery will split into two companies by next year, with much of its streaming and movie production moving under one company and its live sports and news to another, according to the Washington Post .

Every deal has its own rationale and its own narrative that follows separation – you can’t say the act itself guarantees any particular outcome. What's next for this one?

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