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.

Warner Bros. Discovery Inc. is splitting its streaming and film businesses from its traditional TV units, largely unwinding a three-year-old merger that tethered faster growing online operations to legacy cable channels that are losing subscribers.

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