Warner Bros. Discovery Inc. said it will separate the company into two publicly traded businesses, splitting its streaming and studios business and its TV networks operations by the middle of next year.

The David Zaslav -led conglom will divide between Streaming & Studios and Global Networks. Zaslav will lead Streaming & Studios while CFO Gunnar Wiedenfels takes on the President and CEO fo Global Networks role. Both will continue in their present roles at WBD until the separation.

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.