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.

Amid declining television revenues and rising competition in the streaming space, Warner Bros Discovery has announced it will split into two divisions, with one engaged in studio and streaming business and the other managing TV networks like Discovery and CNN.

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.