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 Inc. said it will separate the company into two publicly traded businesses, splitting its streaming and studios business and its TV networks operations by the middle of next year.

Warner Bros. Discovery, grappling with declines in its overall business, said Monday it planned to divide the company into two publicly-traded entities, one devoted to streaming and content production and one devoted to traditional television.