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 (WBD), the corporate parent of CNN and one of the largest media conglomerates in the country, plans to split its business into two separate and public companies as part of a larger effort to rectify its lingering financial issues.

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.