HBO Family, which first launched in 1996, is known for kid-friendly programming such as “Sesame Street.” ThrillerMax, which launched in 1998, specializes in horror, mystery, suspense and thrillers and runs a primetime film block called “When the Clock Strikes 10.”

The first of these two companies is tentatively dubbed "Streaming & Studios," though it will almost certainly maintain the Warner Bros. name. This company will comprise Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO and the streaming service HBO Max, along with these brands' existing film and television libraries.

Warner Bros. Discovery said it will separate its media businesses into two new companies, with cable in one and streaming and studios in the second.