Comcast is finally unbundling its media and distribution businesses, and Wall Street is cheering. Shares jumped more than 4% Monday while the S&P Media & Entertainment Group climbed nearly 4%, signaling investor appetite for focused assets rather than conglomerates.

The move reflects how the streaming era has weakened the case for media-distribution combinations. Bundling once made strategic sense, but platform proliferation and cord-cutting have eroded those advantages.

Speculation immediately emerged about Netflix acquiring the soon-to-be-independent NBCUniversal, yet that scenario faces hurdles. Comcast expects a year to complete the split, and tax rules restrict major transactions for several years afterward. Integration challenges would mirror concerns that derailed the Netflix-Warner Bros. merger talks.

Despite bankers' enthusiasm, breaking up one problematic merger doesn't guarantee more deals. The media sector needs operational fixes, not additional consolidation that recreates the same structural issues investors just cheered leaving behind.