Warner Bros. Discovery said Thursday that it is restructuring into two operating divisions — with one focusing on its struggling legacy cable TV business and the other on streaming and studios — in a rejigger that could set it up for “strategic opportunities” down the road.

And despite the split of studios from networks, Channing Dungey, the Hollywood executive who was named earlier this year to oversee both the company’s studio operations and its TV networks following the retirement of current U.S. networks chief Kathleen Finch, is still expected to take on that overarching role, this person says.