We investigate the dynamics of drop impact on a thin liquid film at short times in order to identify the mechanisms of splash formation. Using numerical simulations and scaling analysis, we show that it depends both on the inertial dynamics of the liquid and the cushioning of the gas. Two asymptotic regimes are identified, characterized by a new dimensionless number
: when the gas cushioning is weak, the jet is formed after a sequence of bubbles are entrapped and the jet speed is mostly selected by the Reynolds number of the impact. On the other hand, when the air cushioning is important, the lubrication of the gas beneath the drop and the liquid film controls the dynamics, leading to a single bubble entrapment and a weaker jet velocity.