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.

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.

WBD CEO David Zaslav will become president and CEO of Streaming & Studios, with CFO Gunnar Wiedenfels in charge of Global Networks.