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 will split its business into two publicly traded companies, with one focused on its streaming and studios business and the other on its television network businesses, including CNN and Discovery.

Warner Bros. Discovery will split into two public companies by next year, calving off cable operations from its streaming service as the number of people “cutting the cord” brings with it a sustained upheaval in the entertainment industry.