It’s both. One is before the transfer of any and all debt/liability and the other is after.

Merging, taking the subsidies you want to keep and then splitting off the ones you don’t want

Depends on what the hype among management consultants was ten years ago.

All those people gotta be paid. What else are they supposed to do? Deliver food or clean bathrooms?

They’re basically putting the profitable bits of both into Warner Bros and all the debt and legacy baggage from both into Discovery, so kinda both. It’s all a big shell game.