Three years after WarnerMedia joined Discovery Inc., the media conglomerate created from that merger says it needs to be nimbler to compete. Warner Bros. Discovery is saying That’s all, folks.

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.

Fitch on Wednesday downgraded Warner Bros. Discovery's (NASDAQ:WBD) long-term issuer default rating to "BB+" and said the separation will bring "significant uncertainty" to the company's credit profile.