Gunnar Wiedenfels Keeps Control of His Cable Networks as Netflix Steps Back from Warner Bros. Discovery
Paramount Bids in Wake of Major Netflix Acquisition
In a pivotal moment for the entertainment industry, news emerged in September that Paramount was preparing a bid for Warner Bros. Discovery, which ultimately set the stage for Netflix’s acquisition of the renowned studio for $83 billion. Gunnar Wiedenfels participated in a ceremonial “passing of the baton” event at the Food Network Kitchen, coinciding with these significant developments.
The proposed split to establish Discovery Global was temporarily halted before Thanksgiving, as it appeared that David Ellison’s company would fully absorb Warner Bros. Discovery (WBD). However, with Netflix’s decision to acquire only the studio and streaming segments of WBD, Wiedenfels is expected to maintain control of his own smaller enterprise.
Netflix and Warner Bros. Discovery have announced plans to separate the latter’s Global Networks Division into a new publicly traded company, set for completion in the third quarter of 2026. This new entity will encompass popular cable networks like CNN, Discovery Channel, TNT, HGTV, Animal Planet, Food Network, Investigation Discovery, TLC, TruTV, and Cartoon Network, along with Warner Bros. International Television Production, aimed at serving as the production arm for this group.
Despite the primary attention on Netflix’s acquisition of HBO, DC Studios, and the Harry Potter franchise, the impending deal effectively aims to recreate Discovery Communications, albeit with additional networks.
The company continues to operate some of the largest networks in the industry; TLC, HGTV, Discovery, and Food Network rank among the top 15 networks, excluding news channels. While programming budgets for many of these networks have been trimmed in recent years in favor of streaming initiatives, they continue to produce a substantial number of television shows.
Discovery Channel boasts enduring franchises such as Naked and Afraid, Gold Rush, and Deadliest Catch. Meanwhile, HGTV has enjoyed success with shows like The Flip Off; TBS thrives with the Impractical Jokers franchise; TLC features the 90 Day Fiancé franchise and reality programming with Alec Baldwin and his family. Furthermore, Investigation Discovery has gained traction in true crime with series including Quiet on Set, The Curious Case of Natalia Grace, and The Fall of Diddy.
The new group is also likely to incorporate Chip and Joanna Gaines, who remain favored talents within the organization. Their network, Magnolia, previously overseen by HBO chief Casey Bloys, has now transitioned under Discovery Global’s management.
However, Turner Classic Movies will remain within the segment that Netflix is acquiring, following strategic changes made by Warner Bros. Discovery CEO David Zaslav involving prominent industry figures. Unresolved questions surround intellectual property ownership amid the split, leaving many doubts to be addressed moving forward.
Meanwhile, CNN’s future is anticipated to spark considerable discussion, particularly among political circles. Thousands of employees within the Discovery segment are now awaiting further details on plans that may resemble those of Versant, the collection of cable networks being spun off by Comcast-owned NBCUniversal.
“It seems like we’re going to be wading through the mud for the next 18 months,” one staffer remarked, encapsulating the uncertainty that looms ahead.
