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.

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, the parent company of HBO Max, CNN and TNT, announced Monday it would split into two companies by the middle of next year, the latest move by a major media conglomerate to reck