Warner Bros. Discovery Inc. a global media and entertainment company, announced that its Board of Directors authorized the Company to implement a new corporate structure designed to enhance its strategic flexibility and create potential opportunities to unlock additional shareholder value.

Warner Bros. Discovery, CNN’s corporate parent, announced Thursday it is establishing a new corporate structure that splits its cable networks off from its growing streaming business.

Warner Bros. Discovery said Thursday that it is restructuring into two operating divisions — with one focusing on its struggling legacy cable TV business and the other on streaming and studios — in a rejigger that could set it up for “strategic opportunities” down the road.