As Discovery Global prepares to split from Warner Bros., the company’s sports rights strategy remains a bit of a mystery.
But despite CEO-elect Gunnar Wiedenfels having a reputation for cost-cutting, the current Warner Bros. Discovery CFO insists that he’s still willing to spend. Especially, it seems, for sports
In a profile by CNBC, Wiedenfels addressed his vision for the WBD spin-off that will house the company’s legacy cable assets, including TNT Sports. And while the CEO-elect may not have a strong sports background, TNT Sports CEO Luis Silberwasser says there’s reason to believe his company will remain a player for sports rights under Wiedenfels’ direction.
“He’s spent a lot of time over the last three years really getting into the trenches,” Silberwasser said of Wiedenfels. “He’s the person that greenlit all of the investments that we made in Roland-Garros, NASCAR, among others, so he has shown he’s willing to spend, too.”
On the other hand, TNT Sports’ most notable media rights transaction in recent years wasn’t an acquisition, but rather the departure of the NBA. And that could very well inform Discovery Global’s future approach, as it appears the company will be prioritizing cost-effective acquisitions over more expensive and splashier purchases.
“If I look at my career so far, I’ve always had a very broad interpretation of the CFO role. I’ve always had certain operating or strategic functions under me,” Wiedenfels said. “I’ve always taken an approach to look beyond the numbers and develop a deep understanding of the business and drivers behind it.”
Considering that TNT Sports has already announced plans for an upcoming direct-to-consumer streaming service, it’s not a surprise that sports will remain one of Discovery Global’s top priorities post-split. And it will certainly be interesting to see how Wiedenfels’ approach helps shape a portfolio that currently includes packages with MLB, NASCAR, the NCAA Tournament, tennis, golf and All Elite Wrestling.
About Ben Axelrod
Ben Axelrod is a veteran of the sports media landscape, having most recently worked for NBC's Cleveland affiliate, WKYC. Prior to his time in Cleveland, he covered Ohio State football and the Big Ten for outlets including Cox Media Group, Bleacher Report, Scout and Rivals.