Warner Bros. Discovery is dividing its assets into two separate publicly traded companies, the media conglomerate announced Monday. The move will put the company's iconic movie studio, prestige TV operation,

WBD CEO David Zaslav will become president and CEO of Streaming & Studios, with CFO Gunnar Wiedenfels in charge of Global Networks.

Warner Bros. Discovery said it will separate its media businesses into two new companies, with cable in one and streaming and studios in the second.