Warner Bros. Discovery Inc. is splitting itself in half, unshackling its fast-growing streaming business from the struggling legacy media channels and setting up two independent companies that could pursue deals on their own.

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 will calve off cable operations from its streaming service, creating two independent companies as the number of people “cutting the cord” brings with it a sustained upheaval in the entertainment industry.