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.

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;

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.

The split announced Monday will keep streaming and movie production under one company, and move live sports and news to another.