Archiving Blog post and displaying post current blogger

Is there a way to host two blogs on a single WordPress website?

I have inherited this blog site that has a high DA and good ranking that is associated with a place.

The blog was originally designed as a dumping ground for blogs random news, but I would like to turn the domain name into a mainstream independent media source.

I want to keep the valued blog post as its associated with my plan but separate old and new blogs that are going to be more focused on specific subjects.

I want the old blogs to be searchable on the site and indexed in google.

The old post (over 1000) remains great content but needs some work to look more modern with the new design of the site hence the reason I want to separate them.

The new Blog possibly will use the same categories.

Any idea how I can do this, happy for any ideas to share I hope I have described my vision well enough.