Warner Bros Discovery is considering a plan to split its linear television networks and streaming service as its market capitalization continues to fall. The company is currently has a valuation of $20 billion while holding $39 billion in debt. The plan would to free Max and their studio business up to continue its faster growth while allowing the debt to stay with the more mature pay-TV network businesses. WBD's shares have fallen by about 70 percent since AT&T spun off Warner Bros and it merged with Discovery two years ago. A split could complicate the way it negotiates terms for sharing sports rights and other content WBD currently distributes on both digital and traditional television platforms. WBD is expected to try to match Amazon's $1.8 billion per year media rights deal with the NBA with this plan potentially complicating the situation, or creating a situation where Max is considered more financially secure than it is presently.