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.

Warner Bros. Discovery is splitting into two separate publicly traded companies – one oriented around the HBO Max streaming service and Warner Bros. studio, and the other around CNN and other television networks.

Warner Bros. Discovery, the parent company to Atlanta-based cable channels such as CNN, TBS and TNT, plans to split into two publicly traded companies, largely parting its television networks from its streaming business.