Warner Bros. Discovery Extends CFO Gunnar Wiedenfels' Contract Until 2028 with Major Compensation Package

Warner Bros. Discovery has renewed the contract of Chief Financial Officer Gunnar Wiedenfels through April 2028, as disclosed in a Thursday filing with the U.S. Securities and Exchange Commission.

The new employment agreement, set to take effect on July 11, replaces Wiedenfels’ existing four-year contract, which was scheduled to expire on July 10.

Key Terms of the Renewed Contract

Under the updated terms, Wiedenfels will receive:

• An annual base salary of $2.5 million;
• A cash bonus target of 175% of his base salary, with actual payouts contingent on meeting predefined performance objectives;
• Eligibility for annual equity awards with a target value of $10 million;
• A one-time award of restricted stock units valued at $2 million, with a target grant date of August 17.

Severance and Termination Provisions

Wiedenfels’ contract outlines specific terms in the event of termination or resignation:

• If terminated for cause or if he resigns without good reason, he will only receive compensation for amounts, benefits, or awards that have already been earned, accrued, or vested at the time of termination.
• If terminated without cause, he will be entitled to:
• Base salary continuation for up to 24 months;
• His annual target bonus for each full year of the severance period, with a prorated bonus for any partial year;
• Continued group health benefits;
• Repatriation benefits to facilitate his return to Germany with his family;
• Vesting of any then-outstanding equity awards as per the applicable award agreements and stock plan.

Additionally, if Wiedenfels is terminated or resigns for good reason within 12 months of a change in control of the company, any equity awards granted to him will fully vest. Performance-based awards will vest at levels determined by the board’s compensation committee.

Paramount Merger Clarification

The SEC filing explicitly states that the new contract is not contingent on the completion of the $110 billion Paramount merger. It also clarifies that the agreement is not related to any potential future employment terms with Paramount Skydance following the merger’s completion, which was approved by WBD shareholders and is expected to close in the third quarter, pending regulatory approval.

In the event the merger does not close by the expected timeline, Paramount has agreed to pay WBD shareholders a 25-cent per share “ticking fee” for each quarter until closing. The agreement also includes a $7 billion termination fee if the deal fails to close due to regulatory hurdles.

Wiedenfels’ 2025 Compensation Breakdown

The renewed contract follows Wiedenfels’ reported total compensation of $17.67 million in 2025, a modest increase from $17.06 million in the prior year. His 2025 compensation package included:

• $2.13 million in base salary;
• $8.3 million in stock awards;
• $1.75 million in option awards;
• $4.8 million in non-equity incentive plan compensation;
• $61,344 in “other” compensation.