Just three years after the iconic Warner Bros. film studio and television business was acquired for $43 billion by Discovery, the two companies are being split in two again. On one side will reside Warner Bros.

The media giant is breaking up into two publicly-traded companies — one it's calling “streaming and studios,” which will include HBO Max, DC Studios, and the Warner Brothers movie empire. The other is called “global networks,” and it’ll house CNN, TNT Sports, Discovery — its cable brands, basically.

The owner of CNN and HBO Max, Warner Bros Discovery, says it will split into two companies by the middle of next year. The US media giant plans to separate its studio and streaming business away from its more traditional cable television networks.