Latest news with #Wiedenfels
Yahoo
11-06-2025
- Business
- Yahoo
Who Is Gunnar Wiedenfels? WBD's Cost-Cutting Finance Exec Picked as CEO of New TV Networks Spin-Off Comprising CNN, TBS, TNT, Discovery+ and More
Warner Bros. Discovery doesn't have a name for its planned stand-alone TV-centric biz, but it does have a proposed CEO: Gunnar Wiedenfels, WBD's iron-fisted money manager. As CFO at Warner Bros. Discovery, Wiedenfels has been the face of the cost-cutting that has ensued since David Zaslav and the Discovery gang took the reins of the merged Discovery-WarnerMedia in Burbank in April 2022. As such, Wiedenfels often been the focus of frustration among employees in his role as the instigator of belt-tightening and other massive changes including a series of layoffs. More from Variety Did David Zaslav's Grand Vision Fail? As WBD and Other Media Giants Move Pieces Around, They Can't Outrun the Cable Math Warner Bros. Discovery Split: What Will Happen to the Movie Studios, HBO Max, Cable Networks and Other Businesses? Warner Bros. Discovery to Split Into Two Companies Indeed, the compensation committee of WBD's board of directors praised Wiedenfels' cost-reduction prowess in explaining why the CFO deserved a $4.8 million cash bonus for 2024. The exec '[d]elivered $1.8 billion in costs savings and integration synergies in 2024 while developing a pipeline for additional synergy capture in future years,' the committee said, per the company's most recent proxy statement. Wiedenfels, 47, is a native of Germany who studied business informatics at the University of Mannheim and received a PhD from RWTH Aachen University. He started his career at McKinsey & Co. in Hamburg in 2004. In 2009, he joined ProSiebenSat.1 Media SE in Munich, where he spent nearly eight years in executive management roles including as CFO. In 2017, Wiedenfels made the move to New York to be CFO of Discovery Inc. under Zaslav before becoming the chief financial officer of the merged Warner Bros. Discovery. In 2024, Wiedenfels had a compensation package totaling $17.1 million, flat with the year prior. That included base salary of $2.1 million, stock awards worth $8.3 million, stock options valued at $1.75 million, $4.8 million in a cash bonus under the long-term incentive plan and $61,344 in other comp (including $16,877 for the company's 'Olympics Hospitality Program' and $17,601 for reimbursement of tax liabilities associated with the Olympics Hospitality Program). According to WBD, Wiedenfels was 'a key architect of Discovery's agreement with AT&T to create a premier, standalone global entertainment company' in Warner Bros. Discovery. And now Wiedenfels will be a key architect of dismantling the media conglomerate. The WBD Global Networks company will largely comprise WBD's U.S. general and lifestyle entertainment networks including TNT, TBS, Turner Classic Movies, OWN, HGTV, Food Network, TLC, Discovery Channel, Animal Planet, Cartoon Network and Adult Swim. It also will house CNN, including the news network's forthcoming subscription streaming service, as well as the Discovery+ streaming service and TNT Sports' U.S. operations including Bleacher Report. SEE ALSO: Wiedenfels, in a statement Monday, said the new yet-to-be-named TV spin-off will now have the latitude to 'pursue important investment opportunities' and potentially 'drive shareholder value.' After the split, expected to occur by mid-2026, both legacy WBD and the new company will be 'free and clear' for M&A, he said. Wiedenfels outlined the goals for WBD's cable TV spin-off company this way: 'At Global Networks, we will focus on further identifying innovative ways to work with distribution partners to create value for both linear and streaming viewers globally while maximizing our network assets and driving free cash flow,' he said in a press release. In the absence of M&A, can 'WBD Global Networks' achieve growth on the top or bottom lines? In 2024, the company's networks segment generated $20.18 billion in revenue (down 4%) and adjusted earnings came in at $8.15 billion (down 10%). So as a whole, it still throws off a ton of cash — but, in the lingo of Wall Street, it's a shrinking ice cube. Most of WBD's $34 billion in net debt (as of the first quarter of 2025) will carry over to the TV company, execs said. In addition, WBD Global Networks will hold up to a 20% retained stake in the media company's streaming and studios business 'that it will plan to monetize in a tax-efficient manner to enhance the de-leveraging of its balance sheet,' according to the Warner Bros. Discovery announcement. SEE ALSO: Best of Variety 25 Hollywood Legends Who Deserve an Honorary Oscar New Movies Out Now in Theaters: What to See This Week Emmy Predictions: Animated Program — Can Netflix Score Big With 'Arcane,' 'Devil May Cry' and the Final Season of 'Big Mouth?'
Yahoo
10-06-2025
- Business
- Yahoo
From CFO to CEO: Gunnar Wiedenfels to lead global networks company after Warner Bros. Discovery's 2026 split
Good morning. Three years after its formation through a merger, Warner Bros. Discovery is splitting up, and its CFO is stepping into his first CEO role. The media and entertainment giant announced on Monday that it will separate into two publicly traded companies through a tax-free transaction. Gunnar Wiedenfels, CFO since 2022, will become CEO of global networks, the new company that will include cable channel businesses CNN, TNT, TBS, Discovery, and more. David Zaslav, president and CEO of Warner Bros. Discovery (No. 114 on the Fortune 500), will lead the streaming and studios company, which will oversee movie properties and the HBO Max streaming service. Both Wiedenfels and Zaslav will remain in their current roles until the split, expected by mid-2026. 'By operating as two distinct and optimized companies, we're giving these iconic brands the focus and flexibility they need to compete in today's evolving media landscape,' Zaslav said in a statement. As of Q1 2025, Warner Bros. Discovery's debt is about $37.4 billion. A $17.5 billion bridge loan from JPMorgan will help refinance existing debt ahead of the split. Wiedenfels will oversee a large portion of this debt as CEO of global networks. 'It's safe to assume that the majority of the debt is going to live with global networks and a smaller—but not insignificant—portion with streaming and studios,' he told investors on Monday during a call. Once the separation is complete, neither company will face restrictions on pursuing new transactions. Global networks will retain up to a 20% stake in streaming and studios. 'We have long viewed exploring strategic alternatives, including today's announced spin, as the best way to unlock the company's significant unrecognized value,' wrote Jessica Reif Ehrlich, a Bank of America Securities research analyst, in a Monday note. BofA Securities maintains a buy rating and a $14 price target for the stock. Before the April 2022 merger that created Warner Bros. Discovery, Wiedenfels was CFO at Discovery, Inc., joining in 2017 after serving as CFO of ProSiebenSat.1 Media in Germany. Zaslav referred to him as 'hugely talented' on Monday's call, noting his broad and diverse skill set and significant impact both financially and strategically. Wiedenfels thanked Zaslav and the board for their confidence in him. I asked Scott Simmons, co-managing partner at executive search firm Crist Kolder Associates, what companies look for in leadership during spinoffs. 'The most important requirements for success in a spinoff are the ability to stand up functions and build strong teams,' he said. 'Executives at spinoffs are focused on establishing a new identity for the company.' He also noted that Wiedenfels' move from CFO to CEO reflects a broader trend. 'CFOs continue to evolve into broad-based operating leaders, far from the 'bean counter' image of the past,' he said. Wiedenfels appears ready for the challenge. 'I truly cannot wait to get started, and I'm as excited as ever to hit the ground running,' he said on the call. Sheryl ***Upcoming event: Emerging CFO: Agentic AI and the Future of Finance Join us on Thursday, June 12 from 11 a.m. to noon ET for our next Emerging CFO webinar. AI agents are transforming the workplace and reshaping the boundaries of innovation, driving a new era of efficiency and providing finance leaders with essential tools to innovate and create value across their organizations. In this session, we'll explore what CFOs need to know about this technology, the opportunity costs involved, and how to effectively use agentic AI to streamline workflows, improve decision-making, and augment human productivity at scale. Featured speakers include Jamie Miller, chief financial officer and operating officer of PayPal; Matt Castonguay, CFO of Team Car Care; and Silvio Savarese, EVP and chief scientist at Salesforce AI Research. Fortune, in partnership with Workday, convenes this series to support and inspire emerging CFOs and senior finance leaders. You can find out more information and register here. This story was originally featured on
Yahoo
10-06-2025
- Business
- Yahoo
Warner Bros. Discovery Breakup Cues Hollywood's Latest Succession Drama As Two New Companies Take Shape
Monday's news that Warner Bros Discovery is splitting into two companies – one consisting of studios and streaming, the other linear TV networks – has cued up Hollywood's latest succession drama. David Zaslav, having steered WBD as CEO since the 2022 close of the $43 billion merger of Discovery (which he formerly ran) and WarnerMedia, is slated to be CEO of the 'S&S' (Studios & Streamers) entity. Gunnar Wiedenfels, Warner Bros Discovery's CFO, who held the same post at Discovery and has a pure finance background, has been installed as CEO of the Global Networks company. More from Deadline WBD's David Zaslav, Gunnar Wiedenfels Break Down Split That Will See Standalone Companies 'Free And Clear' For M&A Channing Dungey To Remain With Studios & Streaming Post-WBD Split; Few Executives With Dual Responsibilities Make For Clean Break Warner Bros Discovery To Split Into Two Companies, Streaming & Studios And Global Networks The breakup is expected to formally close by the second half of 2026, and already a host of questions are swirling about the long-anticipated maneuver. Among them: Who will sit in the corner office when all is said and done? For each of new company, M&A could provide that answer. During a call with Wall Street analysts about the transaction, Zaslav said the split 'reflects our belief that each company can now go further and faster apart than they can together.' Wiedenfels said both companies will be 'free and clear' for dealmaking as soon as the split is complete – with no waiting period, unlike when a two-year pause was mandated after WarnerMedia and Discovery combined. While Wiedenfels is respected in finance circles, his new gig overseeing the networks company 'would seem to suggest a focus on financial efficiency and potentially a strategic transaction at some point,' TD Cowen analyst Doug Creutz wrote in a note to clients. Guggenheim's Michael Morris also highlighted the appointment, waggishly anointing Wiedenfels 'Top Gunnar.' Prior to Discovery, the German-born Wiedenfels held finance posts at ProSiebenSat and worked in Hamburg for McKinsey & Co. While he never became the pop-culture villain that Zaslav did, especially among genre fans, he nonetheless managed to provoke the creative community in 2022 by dismissing concerns about the scrapping of a Batgirl movie in order to realize a tax benefit. 'Media likes to talk about media, I guess,' he shrugged at the time. Bumping up the CFO to CEO is a different approach from the one taken by Comcast in assembling the management team for Versant, the NBCUniversal cable network holding company about to spin off from Comcast. Mark Lazarus, the prospective CEO, brings significant operational and programming experience to the role, having headed sports and entertainment across linear networks and streaming. Occasionally, CFOs do ascend to the top job in media companies (Chris Winfrey at Charter Communications is one current example), but it's a tougher road in organizations entrenched in Hollywood. The S&S company is even more of a house of intrigue, not surprisingly given that it has prestige assets like HBO, HBO Max and Warner Bros under its roof. While Zaslav has long coveted movie-mogul status, punctuating that ambition by moving into late Paramount boss Robert Evans' former L.A. home, he has also committed a number of unforced errors. Along with authorize the killing of movies like the completed Coyote vs. Acme (which was recently sold after an outcry), he came close to torpedoing Turner Classic Movies. Steven Spielberg, Martin Scorsese and a coalition of other A-list filmmakers convinced him otherwise. And there was that bash he and Graydon Carter threw in Cannes during the 2023 Hollywood writers strike, complete with heavy security. One senior exec who worked for Zaslav at Discovery and WarnerMedia told Deadline the split plan had a certain valedictory quality. 'It feels like this is the start of his retirement, at least from this company,' the exec theorized. 'Would he want to run something that's so much smaller than what he had before?' At 65, Zaslav would appear to have another act in him, but some insiders point to his recalling of longtime lieutenant David Leavy last month from CNN to a senior post at the mother ship was a precursor. If Zaslav were to ever step away (a big if for anyone tuning in to NBA or French Open telecasts over the past month, where Zaslav's embrace of celebrities was on full display), who would be candidates to be No. 1? Two names on the short list would be Casey Bloys and Channing Dungey. Both had prominent roles at the company's upfront presentation to advertisers last month in New York. Bloys also earned unusually fulsome praise from Zaslav on WBD's most recent quarterly earnings call. The top exec called the HBO and Max content chief 'a generational talent' and said HBO's current state is not only healthy but the equal to NBC programming during the fabled 'Must-See TV' era. Dungey, meanwhile, sought to pre-empt any speculation that she could leave the fold by sending an internal memo asserting the opposite. 'I'm thrilled that I will continue to have the privilege of leading WBTVG,' the chairman and CEO of Warner Bros Television Group and U.S. Networks wrote. For Wall Street, there are some bigger clouds on the horizon than the haze-covered org chart. 'The broader question is: Why now?' wondered MoffettNathanson analyst Robert Fishman in a note to clients. 'While we are not shocked that the company chose to split up, the timing of the move is more surprising. The announcement raises questions about external pressures. We note the move follows closely on the heels of S&P's recent downgrade of WBD's debt to below investment grade. WBD's depressed stock price likely also played a role, possibly creating urgency around re-rating the equity story through structural change. Regardless of the precise catalyst, we now must wait formal separation documents and more clarity on capital structure.' Investors grew chilly on the deal as Monday's trading day reached its end. After initially roaring up more than 9%, WBD's already-battered stock fell another 2% to close at $9.77. Best of Deadline Sean 'Diddy' Combs Sex-Trafficking Trial Updates: Cassie Ventura's Testimony, $10M Hotel Settlement, Drugs, Violence, & The Feds A Full Timeline Of Blake Lively & Justin Baldoni's 'It Ends With Us' Feud In Court, Online & In The Media Where To Watch All The 'John Wick' Movies: Streamers That Have All Four Films Sign in to access your portfolio
Yahoo
09-06-2025
- Business
- Yahoo
Warner Bros. Discovery CFO to head cable division in planned split
This story was originally published on To receive daily news and insights, subscribe to our free daily newsletter. Warner Bros. Discovery's newly unveiled plan to split itself into two is expected to bring about a big promotion for the company's CFO. The New York City-based media giant on Monday said it intends to split itself into two publicly traded companies — one overseeing the company's streaming offerings and the other leading its cable networks, including CNN and TNT. Gunnar Wiedenfels, who has served as CFO since Warner's merger with Discovery in April 2022, is set to become president and CEO of the cable division. Wiedenfels, who previously served as an executive at a German media company, first started working as finance chief for Discovery in 2017. In a news release, Wiedenfels said the division will enable the spinoffs to 'leverage their strength and specific financial profiles' and 'pursue important investment opportunities.' As head of the cable division, Wiedenfels said he intends to find 'innovative ways to work with distribution partners to create value for both linear and streaming viewers globally while maximizing our network assets and driving free cash flow.' The tax-free split is expected to be completed in mid-2026, according to the release. David Zaslav, president and CEO of Warner Bros. Discovery, will lead the streaming division. The company hasn't yet disclosed who will make up the rest of the executive team of the new spinoffs. The cable division, referred to as 'Global Networks' in company documents, is expected to take most of Warner Bros. Discovery's reported $37 billion debt with it. In a media call cited by The Hollywood Reporter, Wiedenfels said it's 'safe to assume that the majority' of the company's current debt load will go to the cable division, although a 'not-insignificant' portion would remain with the streaming side. Ahead of the proposed split, Warner Bros. Discovery also said it plans to take out $17.5 billion in short-term financing provided by J.P. Morgan. 'Each company will have well-capitalized structures to support their businesses,' Warner Bros. Discovery officials said in the release. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNBC
09-06-2025
- Business
- CNBC
Warner Bros. Discovery split throws the future of TNT Sports into question
Earlier this year, Warner Bros. Discovery Chief Executive Officer David Zaslav ended his company's long relationship with the National Basketball Association. Now, he may be setting the stage to end his relationship with U.S. sports, altogether. WBD announced Monday it's splitting itself into two companies — a concept CNBC first reported had picked up steam in April. One company, temporarily called Streaming and Studios, will consist of Warner Bros. Television, Warner Bros. Motion Picture Group, DC Studios, HBO and HBO Max. The other, currently dubbed Global Networks, will be the rest of the company's assets: legacy cable networks, TNT Sports, digital products and free-to-air channels in Europe. Zaslav will be the CEO of Streaming and Studios. Gunnar Wiedenfels, the current Warner Bros. Discovery Chief Financial Officer, will become the CEO of Global Networks. The divorce raises the question of where live sports right held by TNT will land without Warner Bros. Discovery's streaming portfolio as part of the same company. During a conference call Monday, Zaslav said it will be up to Wiedenfels and his team to decide where they'd like to license TNT Sports programming to the Streaming and Studios business — or anyone else —in the future. Currently, all of TNT Sports appear on HBO Max, Warner Bros. Discovery's flagship streaming service. Zaslav said U.S. sports haven't been a major driver of HBO Max signups, suggesting that it may make sense for TNT Sports to consciously uncouple with the streaming service down the road. "Inside the U.S., sports have been less critical," Zaslav said on a call with investors Monday. "It's viewed, but it hasn't been a real driver for us. So it will continue to be on HBO Max, but the Global Networks business will evaluate over time where the best place for that is." HBO Max will continue to license sports for existing deals. Still, Wiedenfels will have options on how to monetize TNT's future streaming and digital sports rights. He could strike a licensing deal with a different media company for the live sports that appear on the Turner networks (TNT, TBS and TruTV), such as the NCAA's March Madness, the French Open, NASCAR, Major League Baseball and the National Hockey League. "The U.S. sports rights will reside at the Global Networks, and its management team will determine how best to monetize the streaming and digital rights over time," said Wiedenfels. "Internationally, sports will largely coexist, both on linear and streaming, as they do today." Or, he could decide to merge TNT Sports with another entity, such as the forthcoming Comcast spinout, Versant. Mark Lazarus, Versant's CEO, told CNBC Sport last month he was interested in bidding on sports rights to gain distribution heft with pay-TV operators. Acquiring TNT Sports could be a major step in that direction. If Wiedenfels opts for consolidation, he will have to weigh the tax effects of selling off assets after the separation takes place. While Warner Bros. Discovery noted the split is tax-free, Wiedenfels emphasized on Monday's call that transactions could begin as soon as the separation occurs, which is expected by mid-2026. "On the tax side, I said this earlier, I want to be absolutely clear: Once this deal closes, both companies are going to be free and clear," Wiedenfels said. "There is no minimum time." A spokesperson for Versant did not immediately return request for comment.
