• by Wayne Friedman , Staff Writer, Yesterday

Warner Bros. Discovery now follows the strategy of where Comcast Corp. has gone with its spinning off its declining, mostly cable TV networks. But it could be a bit more complicated.

On the surface, and plainly, WBD keeps the good stuff -- and not just because of high-level streaming and studio-production business. Think about cash flow.

Estimated EBITDA for the WBD Streaming & Studios is a combined $4.3 billion for this year. This includes not just TV and moviemaking abilities, but Warner Bros. Games and Experiences businesses.

WBD did not disclose anticipated WBD Global Networks, however. The problem now is that much of the still eye-popping $38 billion debt will be put onto WBD Global Networks.

In a presentation on Monday, WBD executives talked up the positive -- that the company is now left in a unique position as a pure-play streaming and studio company.

In that regard, it is different from Comcast's Versant -- a forthcoming cable TV, network-centric business.

Comcast Corp. will keep the NBC Television Network and Bravo. In this regard, WBD does not have a live, linear broadcast TV network, which as a strict legacy TV business, can be viewed positively.

That said, Comcast isn't exactly splitting up all business operations of its legacy TV business.

Initially, analysts believe splitting NBC Television Network and Bravo from its cable networks could significantly hamper and harm the advertising leverage for NBCUniversal cable networks -- MSNBC, CNBC, USA Network, Syfy Channel, Oxygen, and Golf Channel.

Fixing this problem for Versant to an extent last month, it has struck a two-year deal with NBCUniversal -- a commercial service agreement -- to sell domestic advertising inventory, this is to keep the bigger ad-selling operation together.

While that would seem to ameliorate the separation of the publicly traded pieces of the business, it doesn't seem to address more declines for live, linear TV viewing usage.

NBCUniversal still has its big, growing premium streaming business in-house: Peacock. This is similar to where WBD will be with regard to HBO Max -- the returning brand name of Max.

For its part, WBD is left to try to build up discovery+ -- as well as the possibility of finding new streaming platform businesses for CNN -- on the Global Network side of things. Comcast has similar issues with boosting MSNBC/CNBC streaming activations.

WBD now has its TNT network without the NBA. It does retain the three-week, end-of-the-season college basketball event, "March Madness." Versant probably will look to grow some of its limited sports business on the USA Network.

Which newly spun-off cable TV network groups are poised to do better? Few are placing bets. That said, analysts might consider the idea of a merger -- further complicating these moves.

What remains? Paramount Global could be next.