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 new Streaming & Studios company will include DC Studios and HBO, while Global Networks will include CNN and TNT.

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