Well, that's not the way they describe it at the moment on the eBay site - they say eBay and PayPal are splitting into two separate operating companies. http://update.ebayinc.com/
That's management today. One moment it's supposed to be a good idea to do X the next it's supposed to be a good idea to undo X. Two lots of management get an activity on their CV to boast about. Both claim it was the right thing to do at the time and things change. A bit like continually digging a hole and then filing it up, see how many are fooled into thinking they have top quality management and lucky to pay them so much. Looks like "split" is in fashion this year.