Three years after its formation through a merger, Warner Bros. Discovery is splitting up, and its CFO is stepping into his first CEO role. The media and entertainment giant announced on Monday that it will separate into two publicly traded companies through a tax-free transaction.

Hollywood conglomerate Warner Bros. Discovery on Monday made it official, unveiling plans to separate the company, in a tax-free transaction, into two publicly traded companies, “enabling each to maximize its potential.”

Warner Bros. Discovery is splitting into two separate publicly traded companies – one oriented around the HBO Max streaming service and Warner Bros. studio, and the other around CNN and other television networks.