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.

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

S&P Global downgraded the media giant's unsecured bonds, put it on a negative credit watch and will review whether to lower the company's other ratings