Four years ago, David Zaslav clinched a debt-heavy deal to merge cable mainstay Discovery Inc. — which he’d run since 2006 — with what was then called WarnerMedia. The story he told investors was that the two entities’ diverse array of media assets “are better and more valuable together.” He doesn’t believe that anymore.

Warner Bros Discovery will split into two companies as Streaming & Studios will separate from Global Networks.

Warner Bros. Discovery is splitting into two media companies. One will largely keep studios and streaming, while the other keeps live cable networks.