Warner Bros. Discovery plans to appoint a head for its cable division in the proposed separation.
Warner Bros. Discovery, the media conglomerate, has announced plans to split into two publicly traded companies, with one focusing on the cable division and the other on streaming services. The cable division, known as Global Networks in company documents, will be led by Gunnar Wiedenfels, currently the Chief Financial Officer (CFO) of Warner Bros. Discovery.
According to the announcement, Wiedenfels will take on the roles of president and CEO of the cable division within Global Networks. The exact composition of the rest of the executive team for the cable division has not been fully disclosed yet, but it is expected that key executives managing assets such as CNN, TBS, TNT, sports media rights, Discovery networks, Discovery+ streaming, and Bleacher Report will play significant roles in the new leadership team.
Wiedenfels aims to maximize network assets and drive free cash flow in the cable division. He also intends to find innovative ways to create value for both linear and streaming viewers globally. The cable division is expected to carry the majority of Warner Bros. Discovery's reported $37 billion debt.
The other spinoff will focus on the streaming division, led by David Zaslav, the current president and CEO of Warner Bros. Discovery. A "not-insignificant" portion of the company's current debt load will remain with the streaming side.
The planned split is expected to bring about a big promotion for the company's website, although the specific details about the promotion were not detailed in the news release. Each of the new spinoffs will have well-capitalized structures to support their businesses.
The tax-free split of Warner Bros. Discovery is expected to be completed in mid-2026. The Global Networks company will manage WBD’s cable and linear channels, sports media rights, and related streaming assets. The specific members of the executive team for the cable division have not been revealed as of the latest updates.
Wiedenfels joined Warner Bros. Discovery in April 2022, following the merger with Discovery. Prior to his role at Warner Bros. Discovery, he worked as an executive at a German media company. The split is part of the company's strategy to provide sharper strategic focus and pursue operational and financial goals distinct from the Streaming & Studios company.
- Gunnar Wiedenfels, the incoming president and CEO of the cable division within Global Networks, aims to maximize network assets and drive free cash flow, with key executives managing assets such as CNN, TBS, TNT, sports media rights, Discovery networks, Discovery+ streaming, and Bleacher Report expected to play significant roles in the new leadership team.
- The Global Networks company, focused on cable and linear channels, sports media rights, and related streaming assets, will carry the majority of Warner Bros. Discovery's reported $37 billion debt, indicating the financial significance of these assets.
- Each of the new spinoffs, including the cable division, will have well-capitalized structures to support their businesses, a testament to the company's commitment to financing its operations and pursuing its strategic goals in different industry segments.
