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.

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 Inc. is splitting its streaming and film businesses from its traditional TV units, largely unwinding a three-year-old merger that tethered faster growing online operations to legacy cable channels that are losing subscribers.