Warner Bros. Discovery, the film and TV colossus behind HBO and CNN, announced Monday it would cleave itself into two companies, separating its cable networks and streaming businesses.

David Zaslav, the chief executive of Warner Bros. Discovery, will lead the company’s streaming and studios business, which will include the streaming service HBO Max and Warner Bros. Motion Picture Group. The cable business, which will include CNN, will be run by Gunnar Wiedenfels, the chief financial officer of Warner Bros. Discovery.

“By operating as two distinct and optimized companies in the future, we are empowering these iconic brands with the sharper focus and strategic flexibility they need to compete most effectively in today’s evolving media landscape,” Mr. Zaslav said in a statement.

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