Warner Bros. Discovery, Inc. (WBD) MofafettNathanson 2025 Media, Internet & Communications Conference (Transcript)

Warner Bros. Discovery, Inc. (NASDAQ:WBD) MofafettNathanson 2025 Media, Internet & Communications Conference May 15, 2024 3:10 PM ET

Company Participants

Gunnar Wiedenfels – Chief Financial Officer

Conference Call Participants

Robert Fishman – MoffettNathanson

Robert Fishman

So thank you. Gunnar Wiedenfels, obviously, CFO, Warner Bros. Discovery. We really appreciate you being here. You’re going to bring our whole conference home for us, so thank you very much for coming tonight.

Gunnar Wiedenfels

Thank you for hosting us.

Question-and-Answer Session

Q – Robert Fishman

Okay, so let’s start big picture, Gunnar. So looking back on the long road since acquiring WarnerMedia assets. There’s clearly been a lot of disruption in the business. Let’s just start with, what do you think often gets overlooked as part of the achievements and the success stories that you’ve made so far?

Gunnar Wiedenfels

Sure, and thank you for having me, and welcome, everybody. It is indeed — it feels like a long time ago that we started as WBD and a lot has changed in the industry. We have achieved a ton in the meantime. If you just look at our three segments, we’ve got a linear business with leading margins in the industry. We have turned a streaming service around from more than $2 billion of losses when we started to a trailing 12-month close to $1 billion of profits.

And we’ve laid a foundation in the studio for, I think, enormous asset value creation to happen over the next few years, and we’re starting to see some of that impact coming through. What I have enjoyed the most myself, though, is really the cultural change that we’ve been able to achieve as a team from collaboration to just the discipline, the professional management, accountability, the data-driven approach. And I believe in professional management and I think there’s going to be dividends from that for