Splash images linking to separate page

New to WordPress but have support in my office. The splash images that used to post above our news Posts are now linking to a separate page on our website. Here is an example of where the image is posting. Here is an example of what our posts look like now. Here is an example of what our posts used to look like.

We used to have an option of turning media into a splash image, but it is no longer an option. Could this be related to a recent update?

Thanks