Warner Bros. Discovery, Inc. (NASDAQ:WBD) Bank of America 2025 Media, Communications & Entertainment Conference September 3, 2025 1:10 PM EDT
Company Participants
Gunnar Wiedenfels – Senior EVP & CFO
Conference Call Participants
Jessica Reif Cohen – BofA Securities, Research Division
Presentation
Jessica Reif Cohen
Managing Director in Equity Research
Okay. Great. We’ll get started. We’re thrilled to welcome Gunnar Wiedenfels back, currently the CFO of Warner Bros. Discovery, but on to other things as well.
Question-and-Answer Session
Jessica Reif Cohen
BofA Securities, Research Division
Let’s focus a little bit on Warner Media and Discovery first, but it’s been 3 years since the merger, and you spent a great deal of that time restructuring, transforming, realigning the company across every single division. You’ve accomplished a great deal.
However, as you’ve done that, the industry continued to evolve and change. So you’ve announced plans to split the company into Warner Bros. and Discovery Global, where you will be the CEO. What is the time line of the split?
Gunnar Wiedenfels
Senior EVP & CFO
Yes. Look, first of all, welcome everyone, and thank you, Jessica, for having me again. We have publicly said Q2 of next year is when we want to get this split done. And I will start by saying that we’re seeing great momentum on all fronts right now. And that is for the separation process, that is for the business fundamentals and financially.
So maybe allow me a minute or so to talk about those 3 separately. So from a separation perspective, again, I continue to see a very significant value creation opportunity here. We are well on track. We have that Q2 ’26 time line. The timing is perfect in a way. We have done so much hard work since that merger to delever the company. We’re at net debt of roughly $30 billion at this
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