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.
