The film and television giant will turn its cable networks, including CNN and TNT, into one company and its streaming and studios business into another.

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.

The company will split into two separate public companies by the middle of next year. One company, Streaming & Studios, will include the Warner Bros. movie and TV studios along with the recently rebranded HBO Max streaming service, while Global Networks will be made up of WBD's cable channels like TNT, CNN, and the Discovery+ streaming service.