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 on Monday it would split into two companies, separating its studios and streaming business from its fading cable television networks as the parent of HBO and CNN looks to compete better in the streaming era.

NEW YORK (AP) — 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.