Warner Bros. Discovery is splitting into two companies

One of these companies is going to handle "streaming and content production." The other will handle "traditional television." "Traditional" is doing heavy lifting there, because the other entity will contain the movie wing, of course, but also Warner's television studios, HBO Max, and HBO proper. Well, they did used to market it with, "It's not TV, it's HBO." The TV company is just getting the Warner Bros. Discovery TV networks, which don't even include The CW any longer. It's basically cable networks, sports entity Bleacher Report, and two digital offerings, one from Discovery and one from CNN.

Thus, when you look at it that way, it does feel like this bifurcation comes down to "The stuff we like and think will make money" and "The stuff we don't know what to do with." It's an ESPN and ESPN2 situation, or how like back in the day WCW had "Nitro" and then also "Thunder." The traditional TV package is "Thunder."

Looking for more reasons for cynicism? David Zaslav, a popular internet punching bag, is going to be the leader of Team Stream. Team Tradition is to be led by Gunnar Wiedenfels. He is the current CFO of the extant WSD, and his skill set is in cutting costs. Would it surprise you to find out that the TV company is going to absorb almost all of the $38 billion in debt Warner Bros. Discovery has racked up?

This is certainly notable news well worth discussing, but it also has a bleak tinge to it. It doesn't feel so much like rearranging the deck chairs on the Titanic as asking some of your fellow Titanic passengers if they can rearrange the deck chairs while you grab the last remaining life boats. Eh, at least the HBO Max name is back.

(h/t Variety)