He points out that the AT&T deal that formed Warner Bros. Discovery in the first place helped set the template Zaslav and Wiedenfels are following into the future with Streaming & Studios and Global Networks.

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.

The studio and streaming business will largely operate the same as WBD currently does, without the burden of the sagging linear TV assets. Though the split will relieve the company of much of its current $34 billion debt, Zaslav has deep industry ties, which will continue to serve the company as they focus on movies and larger franchises.