Confusion over how the media giant plans to restructure its debt following a spinoff of cable channels like CNN and TNT have rattled the market for its bonds.

Warner Bros. Discovery on Monday announced a plan to separate into two independent public companies. The move creates a streaming giant and a separate company for its 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.