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 on Wednesday named key members of the executive team for its U.S. Networks business, which will be headed by Channing Dungey, chairman and CEO of Warner Bros Television Group.