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 company will split into two separate public companies by the middle of next year. One company, Streaming & Studios, will include the Warner Bros. movie and TV studios along with the recently rebranded HBO Max streaming service, while Global Networks will be made up of WBD's cable channels like TNT, CNN, and the Discovery+ streaming service.

The media conglomerate will divvy up its assets in movies, TV, gaming and other areas into two companies: Streaming & Studios and Global Networks.