The owner of CNN and HBO Max, Warner Bros Discovery, says it will split into two companies by the middle of next year. The US media giant plans to separate its studio and streaming business away from its more traditional cable television networks.

Warner Bros. Discovery, as it telegraphed six months ago, is breaking itself into two chunks. One company will be “WBD Streaming & Studios,” encompassing Warner Bros. Pictures, HBO, Max/HBO Max and more.

Warner Bros. Discovery (NASDAQ:WBD) finally announced Monday it would formally split into two publicly traded companies by mid-2026: WBD Streaming & Studios and WBD Global Networks This seismic restructuring aims to untangle WBD’s diverse assets by separating its high-growth streaming and studio operations from its declining cable networks.