Warner Bros. Discovery is splitting up after just over three years, and Wall Street is cheering. The spinoff will create a slew of new questions.

Monday's news that Warner Bros. Discovery is splitting into two companies has fueled chatter about which execs will end up leading the new entities.

At the end of March, Warner Bros. Discovery had gross debt of $38.0 billion, which is comprised of “total debt” ($37.4 billion) and financial leases ($535 million). The 2022 merger of WarnerMedia (owned by AT&T) and Discovery, Inc. created more than $50 billion of debt.

Stop me if you've heard this before: one of them sounds mostly like Warner Bros., the other mostly sounds like Discovery.

Zaslav will lead as CEO a new so-called “Streaming & Studios” company made up of WB Television; WB Motion Picture Group; DC Studios; HBO and HBO Max (including its international sports offering); WB Games;

For 15 years, Zaslav was Mr. Cable (being coached all the way by his mentor: “Cable Cowboy” John Malone). Zaslav defended the delivery system and the bundle for as long as he could — and then for a few years longer than that.