ELI(1st year MBA) type question: Is it strange that WBD’s market cap is only $12.5B? What obvious thing am I missing?

That's lower than Viacom and Fox, who live in the $20B-$25B range. So I assume I'm missing something very very basic.

Is owning an OTA TV network (CBS, Fox) that valuable?

Is WBD overburdened with debt? Does the market not like streaming services like HBO Max as much as advertised?

Are the market cap tracking tools not showing something because the new company is effectively a day old, that will show up if I wait a few days for things to settle down?