Utilize the input text as a context reference, choose the right relationship between WarnerMedia and HBO from the options. Options: product/material produced, manufacturer, distributed by, industry, position held, original broadcaster, owned by, founded by, distribution format, headquarters location, stock exchange, currency, parent organization, chief executive officer, director/manager, owner of, operator, member of, employer, chairperson, platform, subsidiary, legal form, publisher, developer, brand, business division, location of formation, creator.

The biggest news in the quarter from WarnerMedia was the successful launch of HBO Max, which John will cover in more detail in just a minute.

Answer: subsidiary