Senior EVice President & Chief Financial Officer, Warner Bros Discovery
Search every verified Gunnar Wiedenfels interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Gunnar Wiedenfels, CFO of Warner Bros. Discovery, has discussed the company's financial performance and strategic direction on recent earnings calls. He noted that the company is working through separation-related expenses, restructuring costs, and fees associated with its sale process and the pending Paramount transaction, which he said will continue to have a "marginal impact" on EBITDA but a more meaningful negative effect on free cash flow in 2026. Wiedenfels stated that the company's net leverage ratio was 3.3 times EBITDA as of the third quarter of 2025, and he expressed an expectation that the standalone "Discovery Global" entity would receive a single-B or low double-B credit rating. Wiedenfels has also addressed the company's content and sports strategies. He said the company has shifted from external to internal monetization of its library, with profits sitting on the balance sheet awaiting reinvestment. Regarding sports rights, he stated that the company will continue to be disciplined but open for business, and he projected a "very significant improvement" in sports rights expenses beginning in the fourth quarter of 2025 and continuing into 2026 as the NBA rights come off the books. He also described the company's linear networks as being managed as content creators across platforms, with growing revenue contributions from streaming.
“We have long stopped viewing our linear networks as linear networks. We're we have created creative teams that are creating fantastic content that works across platforms and we are generating significant returns with every every dollar we're spending in that business. And increasingly we're seeing very significant reve...”
“It really doesn't make sense to to exclude internal content sales from the studio performance. That's why we have chosen to go with this internal fair market value model because whatever we sell internally, we could also sell externally and the only thing that would change is we would probably in many cases generate a...”
“There there are still some separation related expenses flowing through but I just want to explain the geography a little bit those are those are costs that you will find below the line so they will have a very marginal impact only on IBIDA. There is a lot going on below the line if you look at our restructuring expense...”
“If you do the math based on what was disclosed in our proxy you would see that discovery global would come out of the gate with roughly you know call it the 3.3 times net leverage number that is absolutely sustainable and supportable. I actually think that rating agencies are probably going to uh and again it's it's ea...”
WBD - Earnings call Q3 2025.
WBD - Earnings call Q1 2025.
WBD - Earnings call Q2 2025.
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05/06/2026 Q&A: 14:44 Warner Bros. Discovery, Inc. operates as a media and entertainment company worldwide. It operates through three segments: Streaming, Studios, and Global Linear Networks. The Streaming segment offers streaming services, such as HBO Max and discovery+, and premium pay-TV services, including HBO and certain premium sports streaming products for mobile and connected TV devices. The Studios segment is involved in the production and release of feature films for initial exhibition in theaters, production and initial licensing of television programs to third parties and its netwo…
08/07/2025 Q&A: 05:37 Warner Bros. Discovery, Inc. operates as a media and entertainment company worldwide. It operates ...
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05/08/2025 Q&A: 05:49 Warner Bros. Discovery, Inc. operates as a media and entertainment company worldwide. It operates through three segments: Studios, Network, and DTC. The Studios segment produces and releases feature films for initial exhibition in theaters; produces and licenses television programs to its networks and third parties and direct-to-consumer services; distributes films and television programs to various third parties and internal television; and offers streaming services and distribution through the home entertainment market, themed experience licensing, and interactive gamin…
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