Warner Bros. Discovery has renewed Chief Financial Officer Gunnar Wiedenfels’ contract through April 2028, according to a Thursday filing with the U.S. Securities and Exchange Commission.
The new employment agreement, which will kick in on July 11, replaces Wiedenfels’ existing four-year contract that is set to expire on July 10.
Under the terms of the new contract, Wiedenfels will receive an annual base salary of $2.5 million and his annual cash bonus target will remain at 175% of his base salary, with the actual payout based on the achievement of preset performance objectives.
He will also be eligible to receive annual equity awards with a target value of $10 million and is being granted a one-time award of restricted stock units with a target grant date value of $2 million on Aug. 17.
If he is terminated for cause or resigns without good reason, Wiedenfels will only be entitled to the amounts or benefits that have been earned, accrued or vested at
the time of his termination.
If the termination is without cause, he will be entitled to a base salary continuation for a period not to exceed 24 months, his annual target bonus for each full year and a prorated target bonus for any partial calendar year in the in the severance period, continued group health benefits during the severance period and repatriation benefits to return Wiedenfels and his family to Germany. Any then-outstanding equity awards will vest as provided under the applicable award agreements and the stock plan.
If Wiedenfels is terminated other than for cause or resigns for good reason within the 12-month period following a change in control of the company, then any equity awards granted to him will become fully vested, with any performance-based awards vesting at performance levels determined by the board’s compensation committee.
The filing notes that the new contract is not conditioned in any way on the closing of the $110 billion Paramount merger and is “not the result of or indicative of any decisions or agreements” related to his employment with Paramount Skydance following the completion of the deal, which was approved by WBD shareholders and is expected to close by the third quarter pending regulatory approval.
In the event that the deal does not close by then, Paramount has agreed to pay WBD shareholders a 25 cent per share “ticking fee” for each quarter until closing. Paramount has also agreed to pay a $7 billion termination fee in the event that the deal isn’t closed due to regulatory matters.
The new contract comes as Wiedenfels raked in $17.67 million in 2025, a slight increase from $17.06 million a year ago.
The packaged included a $2.14 million base salary, $8.2 million in stock awards, $2.09 million in option awards, $5.2 million in non-equity incentive plan compensation and $35,610 in “other” compensation, including $1,805 in basic life insurance, $4,361 in disability and long-term care benefits, $21,000 in 401(k) match contributions, $6,381 in personal security costs and$2,063 for tax gross-ups associated with travel on corporate aircraft for business purposes.
Wiedenfels is also eligible to receive a golden parachute payout of $120 million tied to the closing of the Paramount deal. While shareholders voted to reject the executive compensation packages tied to the merger, the vote was advisory and non-binding.
