Warner Bros. Discovery, Inc. (NASDAQ:WBD) Financial institution of America 2025 Media, Communications & Leisure Convention September 3, 2025 1:10 PM EDT
Firm Members
Gunnar Wiedenfels – Senior EVP & CFO
Convention Name Members
Jessica Reif Cohen – BofA Securities, Analysis Division
Presentation
Jessica Reif Cohen
Managing Director in Fairness Analysis
Okay. Nice. We’ll get began. We’re thrilled to welcome Gunnar Wiedenfels again, at the moment the CFO of Warner Bros. Discovery, however on to different issues as nicely.
Query-and-Reply Session
Jessica Reif Cohen
BofA Securities, Analysis Division
Let’s focus a little bit bit on Warner Media and Discovery first, however it’s been 3 years because the merger, and also you spent a substantial amount of that point restructuring, reworking, realigning the corporate throughout each single division. You have achieved an amazing deal.
Nonetheless, as you have carried out that, the trade continued to evolve and alter. So you have introduced plans to separate the corporate into Warner Bros. and Discovery World, the place you can be the CEO. What’s the time line of the break up?
Gunnar Wiedenfels
Senior EVP & CFO
Sure. Look, initially, welcome everybody, and thanks, Jessica, for having me once more. We’ve got publicly mentioned Q2 of subsequent yr is after we wish to get this break up carried out. And I’ll begin by saying that we’re seeing nice momentum on all fronts proper now. And that’s for the separation course of, that’s for the enterprise fundamentals and financially.
So possibly permit me a minute or so to speak about these 3 individually. So from a separation perspective, once more, I proceed to see a really vital worth creation alternative right here. We’re nicely on observe. We’ve got that Q2 ’26 time line. The timing is ideal in a means. We’ve got carried out a lot onerous work since that merger to delever the corporate. We’re at internet debt of roughly $30 billion at this
