The film and television giant will turn its cable networks, including CNN and TNT, into one company and its streaming and studios business into another.

Three years after its formation through a merger, Warner Bros. Discovery is splitting up, and its CFO is stepping into his first CEO role. The media and entertainment giant announced on Monday that it will separate into two publicly traded companies through a tax-free transaction.

Warner Bros. Discovery, Inc. plans to split streaming and network units to boost cash flow, reduce debt, and enhance shareholder value. Click for our WBD update.