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 media giant is breaking up into two publicly-traded companies — one it's calling “streaming and studios,” which will include HBO Max, DC Studios, and the Warner Brothers movie empire. The other is called “global networks,” and it’ll house CNN, TNT Sports, Discovery — its cable brands, basically.

Just three years after the iconic Warner Bros. film studio and television business was acquired for $43 billion by Discovery, the two companies are being split in two again. On one side will reside Warner Bros.