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;

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.

The film and television giant will turn its cable networks, including CNN and TNT, into one company and its streaming and studios business into another.