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 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, the latest move by a major media conglomerate to reckon with a fracturing audience landscape.