It comes as streaming services attract hundreds of millions of users around the world but cable TV has seen audiences decline.

Warner Bros. Discovery, as it telegraphed six months ago, is breaking itself into two chunks. One company will be “WBD Streaming & Studios,” encompassing Warner Bros. Pictures, HBO, Max/HBO Max and more.

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.