Warner Bros. Discovery Chief Monetary Officer Gunnar Wiedenfels walks to a session on the Allen & Firm Solar Valley Convention on July 9, 2025 in Solar Valley, Idaho.
Kevin Dietsch | Getty Photos
Legacy media is in a time of tumult. And it is bringing a brand new crop of decision-makers to the fore.
In an business that is lengthy been run by storied Hollywood executives, normally with resumes in content material and programming, these with finance backgrounds and monitor data of deal-making are more and more reshaping the panorama.
Lots of these leaders — a few of whom not too long ago attended Allen & Co.’s annual convention in Solar Valley, Idaho, generally known as “summer time camp for billionaires” — might be featured on convention calls within the coming weeks because the media business studies quarterly earnings. Netflix will kick off media’s earnings season on Thursday.
Trade analysts and consultants say the elevation of those beforehand lesser-heard-from media executives comes because the business shifts its focus to stemming the cable TV bleed, making streaming worthwhile and reining in content material spending budgets. It is also a sign that these corporations are in a second of transformation, and there is a have to enlist leaders who’ve a distinct mindset than the outdated guard.
“It’s most likely an indication that these companies are in perpetual decline and the one option to survive is to monetary engineer your means in direction of any type of modest progress, or simply much less decline than can be in any other case typical,” mentioned Brandon Nispel, an analyst at KeyBanc.
The newest instance got here final month when Warner Bros. Discovery introduced its intention to cut up into two public corporations subsequent yr. Present CEO David Zaslav will run the streaming and studios firm, whereas CFO Gunnar Wiedenfels will step into the highest job on the international networks enterprise.
Earlier than serving as WBD’s finance chief, Wiedenfels held the identical submit at Discovery previous to its merger with Warner Media in 2022. And earlier than that, he was CFO at German media firm ProSiebenSat.1 Media SE.
His previous contrasts with the standard legacy media CEOs equivalent to Disney chief Bob Iger, who held numerous leisure roles earlier than taking the highest job, together with at ABC Leisure the place he was accountable for green-lighting TV sequence. Iger’s predecessor, Michael Eisner, had a basis that included stints throughout prime media corporations. Media mogul Barry Diller rose by means of the ranks of leisure — from the mailroom on the William Morris Company to finally prime roles at Paramount and Fox.
Even Wiedenfels’ counterpart, Zaslav, was on the TV programming aspect for a lot of his profession previous to taking on as CEO.
This development towards finance and operation leaders has been propelled by Netflix’s upheaval of the media business, mentioned Jonathan Miller, chief govt of Built-in Media, which focuses on digital media investments. Miller is a longtime senior media business govt who’s held prime posts at Information Corp. and AOL. He’s additionally a former board member at Hulu.
As Netflix courted shoppers to its streaming platform, it “simply outspent everyone” to bulk up its library, mentioned Miller.
“In my opinion, that diminished the position of inventive programmers who most usually would have been those to run this type of firm,” mentioned Miller. “Managing the cash is now no less than as vital, if no more, than the inventive aspect. I am unsure if that must be true, however I feel that is the place we’re within the business.”
Strategic shift
Greg Peters, Co-CEO of Netflix, speaks at a keynote on the way forward for leisure at Cell World Congress 2023.
Joan Cros | Nurphoto | Getty Photos
In 2023, business disruptor Netflix stepped exterior the field when it promoted Greg Peters, beforehand the corporate’s COO, as co-CEO with Ted Sarandos after Reed Hastings introduced he would step again.
Whereas Sarandos has lengthy been accountable for content material, Peters had centered on rising the enterprise past DVDs and into streaming, increasing partnerships and rising the worldwide footprint — all key to the media large’s progress.
In Hastings’ be aware saying the management change, he known as Peters’ monitor document “instrumental in driving our partnerships, constructing and launching promoting, pushing us into deeper personalization, rebuilding our expertise group and serving to to energy our tradition.”
Bringing an govt like Peters to the forefront of decision-making and management proved to be one other signal of Netflix’s disruptive nature — each internally and industrywide.
Hastings had lengthy been in opposition to instituting an promoting mannequin that will supply a less expensive possibility for subscribers, and the corporate had ignored password sharing amongst its clients for years. However when subscriber progress stalled the corporate shifted gears, and it has confirmed fruitful, as evidenced by each firm progress throughout income, profitability and subscriber base. In response, Netflix’s inventory has soared.
“Ted is the content material man there, proper? He simply lives for movie and TV and the artwork of that. I feel Netflix is among the few locations that the co-CEO framework appears to work,” mentioned UBS analyst John Hodulik. “It lets Ted do what he loves doing, and content material is essential to the expansion of that enterprise. Whereas Greg, he appears to be extra of the nuts and bolts enterprise background.”
There’s additionally the promotion of Mike Cavanagh to president of Comcast in 2022 after beforehand serving as CFO of the cable large since 2015. Cavanagh’s remit expanded months later when Jeff Shell exited his CEO position at Comcast’s NBCUniversal, and Cavanagh took over direct management of the corporate’s TV, movie and theme parks items.
Below Cavanagh’s management, NBCUniversal has made a wide range of strategic strikes. Quickly after he assumed management of NBCUniversal, the unit was restructured. A couple of yr later at Solar Valley, Cavanagh started laying the groundwork for NBCUniversal to spin out most of its cable TV networks.
Comcast CEO Brian Roberts has publicly mentioned the cable spinout, considered one of Comcast’s most important strikes in years, was Cavanagh’s thought.
Cavanagh, who was beforehand co-CEO of JPMorgan’s company and funding financial institution, is continuously put forth by business insiders because the inheritor obvious to Comcast’s lead position, and his oversight of NBCUniversal provides him the possibility to embed within the sports activities and leisure aspect of the enterprise after a lot give attention to the cable and broadband mum or dad firm.
(L-R) Michael Cavanagh, then-chief monetary officer of Comcast, talks with Brian Roberts, chief govt officer of Comcast, as they arrive for the annual Allen & Firm Solar Valley Convention, July 9, 2019 in Solar Valley, Idaho.
Drew Angerer | Getty Photos
A shift towards monetary experience has been true in cable and broadband as nicely. Constitution Communications’ present chief, Chris Winfrey, took on the CEO job after serving as CFO and COO beneath longtime cable govt Tom Rutledge. Since taking on, Winfrey has orchestrated numerous adjustments on the firm, most not too long ago the proposed acquisition of Cox Communications.
It is even prolonged to the restaurant business in current months, the place CFOs have been tapped for the CEO position at corporations equivalent to Panera Manufacturers, Jack In The Field and most not too long ago, Yum! Manufacturers.
And it might play a job within the choice of Disney’s successor to CEO Iger.
The Disney board has been narrowing down potential successors to Iger, with an announcement anticipated subsequent yr. Disney’s 4 chairs — Disney Leisure Co-Chairs Dana Walden and Alan Bergman, Disney Experiences Chairman Josh D’Amaro and ESPN Chairman Jimmy Pitaro — have been interviewed for the highest job.
Walden’s deep historical past in leisure programming places her in a good place, however CNBC earlier reported that criticism of her enterprise acumen might have an effect on her possibilities, regardless of her overseeing the streaming unit when it reached profitability. CFO Hugh Johnston has been imagined to be a part of the dialog, however he isn’t a part of the formal succession planning, mentioned an individual aware of the matter who declined to be named talking about inside issues.
Nonetheless, it’s totally a lot undecided who would be the subsequent CEO of Disney and the method is in early levels, mentioned the individual. Iger’s contract was prolonged by means of the tip of 2026, giving the board extra time for the due diligence course of, CNBC beforehand reported.
A Disney consultant declined to remark.
— CNBC’s Amelia Lucas and Alex Sherman contributed to this text.
Disclosure: Comcast is the mum or dad firm of CNBC. Versant can be the mum or dad firm of CNBC beneath the proposed cable spinout. Comcast is a component proprietor of Hulu.
