Was Management Studio removed from SQL Server 2016 installation media?
SQL Server Management Studio is now available on its own page:
SQL Server Management Studio - Release Notes 


  Welcome to our generally-available release of SQL Server Management Studio! This release of SQL Server Management Studio (SSMS) is a stand-alone install outside of the SQL Server release. Our goal is to update this frequently with new functionality, fixes, and support for the newest features in SQL Server and Azure SQL Database [...]   
  
  
  Download SQL Server Management Studio 
  Previous SQL Server Management Studio Releases
  

It is free and no SQL Server licence is required anymore:


  This generally available release of SSMS is free and does not require a SQL Server license to install and use.

It is now updated on a monthly basis since June 2016: Announcing SQL Server Management Studio – July 2016 Release