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.

After announcing places to restructure its businesses to take advantage of possible M&A opportunities, Warner Bros. Discovery has announced the new leadership structure for its U.S. networks business.

U.S. Networks business, announced a new structure for the unit. Dungey, who was chosen in August to replace former head Kathleen Finch, has picked Brett Paul as COO for the unit. He will oversee business affairs and digital strategy.