Discovery Global will have the option to sell its 20% stake in Warner Bros. prior to the two entities’ official separation in 2026, Warner Bros. Discovery chief financial officer Gunnar Wiedenfels revealed on Wednesday.
“It’s gonna be a trade off because we want to get the full value for it,” Wiedenfels, who will lead Discovery Global as CEO, told an investor conference hosted by Bank of American on Wednesday. “It’s a huge building block in this whole transaction to get an equity injection at the right valuation and an accretive multiple to help with the delevering path. So that’s definitely going to be a priority.”
He noted that the company has already received interest from potential buyers about having discussions and that it will be able to monetize all or part of the stake before the split is even official.
“There’s nothing specific here yet, but definitely something that I’m gonna be a lot more focused on over the next few months,” he added.
The split is expected to be official by the second quarter of 2026, though Wiedenfels acknowledged there’s “a lot still on the agenda” to ensure that timeline is reached.
Upon the closing of the deal, Discovery Global will house CNN, TNT Sports in the U.S., Discovery, top free-to-air channels across Europe, Discovery+ and Bleacher Report (B/R). It will also hold the majority of the company’s $35.6 billion in gross debt.
Meanwhile, Warner Bros. will house the studios and streaming business including Warner Bros. Television Group, Warner Bros. Motion Picture Group, DC Studios, HBO, HBO Max, Warner Bros. Games, Tours, Retail and Experiences, as well as studio production facilities in Burbank and Leavesden.
