That would connect the companies. If they're keeping them separate it could be an anti-trust move or more that these companies are going to start trading studios which has been seen in other industries where they trade markets, like the food delivery company you've been ordering from for years has probably changed hands a few times during that time period and probably name too.

You could make the connection a formal one. Years back HBO’s streaming services were actually provided by MLB, they had a contract together. No reason the same couldn’t happen with Netflix and Warner. Could have happened pre-merger too but it wouldn’t have been in Netflix’s interest.