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 is splitting into two separate publicly traded companies – one oriented around the HBO Max streaming service and Warner Bros. studio, and the other around CNN and other television networks.

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.