By Dawn Chmielewski, Aditya Soni and Jaspreet Singh LOS ANGELES (Reuters) -Warner Bros Discovery said it would split into two publicly traded 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 announced Monday it will separate into two publicly traded companies by sometime next year.

Warner Bros Discovery will split its business into two publicly traded companies, with one focused on its streaming and studios business and the other on its television network businesses, including CNN and Discovery.