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 breakup is the latest unraveling of decades of media consolidation that created global conglomerates spanning content creation, distribution and in some cases, telecommunications

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