By Brian Stelter, CNN

(CNN) — Warner Bros. Discovery is splitting into two separate publicly traded companies – one oriented around the HBO Max streaming service and Warner Bros. studio, and the other around CNN and other television networks.

The first company, known for now as “Streaming & Studios,” will be led by CEO David Zaslav, and the second company, “Global Networks,” will be led by CFO Gunnar Wiedenfels.

“The separation aims to provide each company with greater strategic flexibility and focus,” the company said in a statement.

Warner Bros. Discovery intends for the corporate breakup to take effect by mid-2026.

Monday’s announcement is Warner Bros. Discovery’s answer to investor pressure and intensive industry-wide change. As the cable television business contracts in the strea

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