Warner Bros. Discovery is creating a new corporate structure, slimming down from three divisions to two and establishing a clear separation between linear networks and the streaming and studios businesses.

The two new operating units will be called Global Linear Networks and Streaming & Studios.

The move, announced Thursday morning, will only add to speculation about M&A moves that may be in the offing. Multiple Wall Street analysts have suggested that the company consider breaking itself up, primarily in order to eliminate the financial drag of linear networks, which are losing subscribers and advertising revenue at a steady clip. Last summer, WBD took a $9 billion write down on the value of its cable networks, citing the loss of NBA rights as a key factor.

In a press release, WBD said the restructuring is “designed to enhance its strategic flexibility and create potential opportunities to unlock additional shareholder value.”

Plans call for the new structure to be in place by mid-2025.

“Since the combination that created Warner Bros. Discovery, we have transformed our business and improved our financial position while providing world class entertainment to global audiences,” CEO David Zaslav said. “We continue to prioritize ensuring our Global Linear Networks business is well positioned to continue to drive free cash flow, while our Streaming & Studios business focuses on driving growth by telling the world’s most compelling stories. Our new corporate structure better aligns our organization and enhances our flexibility with potential future strategic opportunities across an evolving media landscape, help us build on our momentum and create opportunities as we evaluate all avenues to deliver significant shareholder value.”

The company said it also expects to “continue to evolve the board to execute its strategy and drive future shareholder value creation.” The board of WBD has seen several comings and goings in recent months. Two directors resigned last April, citing federal rules against serving on boards of companies with competing interests. Daniel E. Sanchez, the nephew of major WBD shareholder John Malone, was nominated to a board seat in September after the body voted to expand to 12 members.