Just three years after the iconic Warner Bros. film studio and television business was acquired for $43 billion by Discovery, the two companies are being split in two again. On one side will reside Warner Bros.

The owner of CNN and HBO Max, Warner Bros Discovery, says it will split into two companies by the middle of next year. The US media giant plans to separate its studio and streaming business away from its more traditional cable television networks.

Warner Bros. Discovery Inc. is splitting itself in half, unshackling its fast-growing streaming business from the struggling legacy media channels and setting up two independent companies that could pursue deals on their own.