In an industry that’s long been run by storied Hollywood executives, those with backgrounds in finance and deal-making are increasingly reshaping the landscape. The most recent example came last month when Warner Bros. Discovery announced its intention to split into two public companies next year. “It is probably a sign that these businesses are in perpetual decline and the only way to survive is to financial engineer your way towards any sort of modest growth, or just less decline than would be otherwise typical,” said Brandon Nispel, an analyst at KeyBanc. Warner Bros. Discovery Chief Financial Officer Gunnar Wiedenfels walks to a session at the Allen & Company Sun Valley Conference on July 9, 2025 in Sun Valley, Idaho. Kevin Dietsch | Getty Images
Legacy media is in a time of tumult. And it’s bringing a