Warner Bros Discovery said on Monday it would split into two companies, separating its studios and streaming business from its fading cable television networks as the parent of HBO and CNN looks to compete better in the streaming era.

Warner Bros Discovery has officially announced it is to separate its TV networks and streaming and studios businesses. The Streaming & Studios company will consist of Warner Bros Television, Warner Bros Motion Picture Group, DC Studios, HBO, and HBO Max, as well as the company’s film and television libraries.