(The Hill) -- Warner Bros. Discovery (WBD), the corporate parent of CNN and one of the largest media conglomerates in the country, plans to split its business into two separate and public companies as part of a larger effort to rectify its lingering financial issues.

The decision, announced on Monday, would split WBD into two entities.

Streaming and Studios will consist of Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO and HBO Max.

The second company, Global Networks, will include WBD's entertainment, sports and news television brands around the world, including CNN, TNT Sports and Discovery.

Monday's move comes on the heels of massive Wall Street losses WBD has taken on its linear broadcast television assets in recent quarters as it pours millions into str

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