The media conglomerate will divvy up its assets in movies, TV, gaming and other areas into two companies: Streaming & Studios and Global Networks.

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.

Warner Bros. Discovery will split into two companies by next year, with much of its streaming and movie production moving under one company and its live sports and news to another, according to the Washington Post .

Though the new year has almost passed its first full fiscal quarter, media layoffs across the entertainment industry have continued to bleed over from last year’s avalanche of job cuts. The unfortunate trend can still be felt following the COVID-19 pandemic,