By Dawn Chmielewski, Aditya Soni and Jaspreet Singh LOS ANGELES (Reuters) -Warner Bros Discovery said it would split into two publicly traded companies, separating its studios and streaming business from its fading cable television networks as the parent of HBO and CNN looks to compete better in the streaming era.

The owner of CNN and HBO Max, Warner Bros Discovery, says it will split into two companies by the middle of next year.

Warner Bros. Discovery is laying off employees in its linear TV division, with the cuts affecting well under 100 staffers.