Warner Bros. Discovery Inc. is splitting itself in half, unshackling its fast-growing streaming business from the struggling legacy media channels and setting up two independent companies that could pursue deals on their own.

Warner Bros. Discovery is to split into two, separating streaming and studios from its cable channels. The company has been burdened by debt and the decline of cable TV.

The company announced Monday its plan to split into two publicly traded entities: The Streaming & Studios division, which will include Warner Bros. Television, Motion Picture Group, DC Studios, HBO, and HBO Max; and Global Networks, featuring CNN, TNT Sports in the U.S., Discovery, and Bleacher Report.