Warner Bros Discovery, which owns CNN and HBO Max, 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.
The move comes as streaming services attract hundreds of millions of users around the world while cable TV has seen audiences decline in recent years.
HBO Max has enjoyed success with shows including Succession, The White Lotus and The Last of Us.
Meanwhile, channels like CNN have been losing viewers.
The hit shows will soon come under a new Streaming & Studios business, along with the company’s film division, and will be headed by CEO David Zaslav.
The other new company will be called Global Networks – with CNN, Discovery and TNT Sports among its brands.
This business will be led by Warner Bros Discovery’s chief financial officer, Gunnar Wiedenfels.
The splitting of the media conglomerate follows the 2022 merger that created Warner Bros Discovery.