Key Takeaways Warner Bros. Discovery on Monday announced plans to split into two separate companies, sending its shares higher in morning trading.One company will be made up of the company's studios and HBO Max streaming service,

The entertainment company is contending with a hefty debt load and a sagging stock price.

Warner Bros. Discovery will split its business into two publicly traded companies, with one focused on its streaming and studios business and the other on its television network businesses, including CNN and Discovery.