Is there ever an example of this working out well? Either for the “good part” that is kept? Or the “bad part” that doesn’t get to keep the name?

The only one I can think of is Phillip Morris International, Kraft, and Altria that all split out of Phillip Morris. But I think that was because of all the tobacco litigation.

I’ve seen this happen quite a bit and it always seems to be a sign of a declining company. IBM splitting off Lenovo and disk units. HP splitting off enterprise/automatic.

These kind of transformations just seem like accounting tricks for restructuring debt away from some parts into others. It’s curious how this split has $5B planned in expenses. That seems really high.

Maybe Google successfully bought and then shot out Motorola and Boston Dynamics. Their Alphabet reorg didn’t seem to actually change companies.