RichCo vs. PoorCo: Not All Spinoffs Are Created Equal

The creation of Warner Bros. Discovery began with the corporate equivalent of sunshine and rainbows. In February 2021, David Zaslav, then the CEO of Discovery Inc., sent AT&T CEO John Stankey an amiable text. The message, which was adorned with both a golf and sunglasses emoji, sparked a series of talks (including secret meetings in a lower Manhattan townhouse) that led to the creation of WBD in 2022.
Just three years later, the sunshine and golf has been replaced by cloudy skies, as the company prepares to split itself up. One current employee who works in what will become Gunnar Wiedenfels' global networks company expressed frustration at the news, lamenting that by the time this deal closes next year, the company will have spent an entire decade shuffling ownership from one entity to the next, from AT&T's deal for Time Warner, to the Discovery deal, to now — all while the stock price and cash flow have steadily declined as the cable iceberg melts, and with layoffs and cuts never ending but executive pay rising.
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Superficially, at least, WBD's maneuver bears a striking resemblance to Comcast's decision to spin off its cable TV channels into Versant, but it is in the details where the two plans diverge. The biggest difference may be reflected in the very first question that Wall Street analysts asked Zaslav on a conference call on the morning of June 9: the debt.
Wiedenfels' global networks company will hold a 'majority' of WBD's more than $30 billion in debt, utilizing its cash-flow-rich but slowly melting assets to service that debt. Versant, by contrast, is expected to have minimal debt, so that it can be an opportunistic acquirer (Versant CEO Mark Lazarus has told fellow media execs that he wants his company to be aggressive and expects to be a buyer rather than a seller).
'If you have a portfolio of what's called linear channels, one of the things you're thinking about is, 'Do they have successors in the streaming world?' And if so, how do I get from here to there?' says Integrated Media CEO Jon Miller, who adds that a high debt load could also make the company less attractive as an acquisition target. 'Not every linear channel is going to make it to the streaming world and thrive in the streaming world. So you're going to have to determine what you believe can thrive in the streaming world and make some choices and investments. If you have a lot of debt on top of that, your ability to invest is more limited. And so by necessity, you have to make even fewer choices in terms of what you invest in going forward.'
At Zaslav's studios and HBO business, meanwhile, a solid balance sheet and creative portfolio are offset by losing the cash flow from cable TV. While NBCUniversal holds on to cash-flow-rich businesses like NBC and the Universal theme parks in its spinout, WBD is essentially divesting itself of its cash-flow machine in the name of creating a growth business.
Comcast noted that Versant will have about $7 billion in cash flow, while what remains of NBCU will have nearly $40 billion in revenue. While WBD has not yet broken down its financials post-transaction, the linear networks comprise a majority of its revenue, giving it a very different economic profile.
Zaslav's business, however, could make for a ripe acquisition target, as Wolfe Research's Peter Supino notes. As for Wiedenfels' side of things, 'Global Networks will not be positioned to die, in our view, but will still shrink materially,' Morningstar analyst Matthew Dolgin dryly wrote June 9. 'Some attractive assets, such as U.S. sports rights, the CNN and Discovery streaming properties, and digital assets like Bleacher Report, can mitigate the linear television networks' decline.'
And while Versant has a tight bundle of seven cable TV channels and some digital brands like Fandango, the new WBD networks business will have a larger collection of channels, perhaps giving it more runway to operate but also giving it less ability to focus. And while NBCU spent years trimming down its roster of cable channels to only those it thought mattered, WBD has tried to prop up its channels in the service of survival, with a pivot at TruTV into a sports channel just the latest example.
'NBC, they've been really good and active the past couple of years skinny-ing down their program offerings so we don't have to re-up with networks that are of low value,' says Keith Bowen, president of news, programming and business services for the cable company Optimum.
And Lazarus, at Versant, has made it a priority to get employees hyped up about being at what he frames as a well-capitalized startup rather than a holding company for a dying industry. In addition to acquiring companies, Lazarus has talked openly about acquiring new sports rights, about building out a programming team to develop and acquire entertainment, about staffing up in news at MSNBC and CNBC, and about a new temporary midtown Manhattan headquarters (located in the building that used to be the home of The New York Times) that he is dubbing 'summer camp.'
While the messaging may change, WBD's initial public pitch remained focused on efficiency, rather than opportunity.
But there is opportunity in that efficiency, as Bank of America analyst Jessica Reif Ehrlich wrote shortly after the split was announced.
'With Streaming & Studios separated as a standalone public company unburdened by the substantial debt burden, we expect significant investor interest (both public and private) in these highly valuable assets,' she wrote. 'Similarly, as a standalone entity, Global Networks has optionality including asset sales or the potential to become a 'roll up' for other similar assets, likely at attractive valuations and subsequently extract several cost synergies (corporate, advertising sales, etc.) to extend the runway of FCF these assets would yield to service debt over the next several years.'
One company that will excite investors, and another that will extract cost synergies to service debt, with any deal a ways away. 'While we view the split of Networks and Streaming & Studios as just the first step to unlock value, a second step may require patience,' Supino writes.
The two SpinCos also tell a tale about the future. The first media mogul to broach the idea of spinning off their linear channels was Disney CEO Bob Iger, shortly after rejoining the company in 2022. Disney ultimately opted not to do so, but one wonders whether the company reconsiders in light of what rivals are pursuing. Similar questions are sure to arise as Paramount Global sits in limbo waiting for the Skydance deal to close.
The past 30 years of the entertainment business were funded by cable TV cash, but it seems that era is finally coming to an end. The tastemakers gave way to the number crunchers, and now the number crunchers are sending the TV channels off to the vultures.
Or, as mogul and dealmaker Barry Diller told THR in a May interview: 'We've gone from a town to a spreadsheet.' The propagators of those spreadsheets are running the show, and have decided that ripping up the businesses they helped forge is the pathway to success.
This story appeared in the June 11 issue of The Hollywood Reporter magazine. Click here to subscribe.
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Warner Bros. Discovery Announces Receipt of Requisite Consents for Proposed Amendments in Cash Tender Offer and Consent Solicitation

NEW YORK, June 16, 2025 /PRNewswire/ -- Warner Bros. Discovery, Inc. (NASDAQ: WBD) ("Warner Bros. Discovery," "WBD," the "Company," "we," "our" or "us") today announced that the Requisite Consents have been received to adopt the Proposed Amendments pursuant to its previously-announced cash tender offers and consent solicitations. Capitalized terms used but not defined in this press release have the meanings given to them in the Offer to Purchase and Consent Solicitation Statement, dated June 9, 2025 (the "Offer to Purchase and Consent Solicitation Statement"). As of 5:00 p.m., New York City Time, on June 13, 2025 (the "Consent Expiration Time"), Tender Instructions and Consent Only Instructions representing the principal amount of Notes as described in the table below had been validly delivered and had not been validly withdrawn or revoked, as applicable. As a result, the Issuers have received the Requisite Consents for the adoption of certain proposed amendments to the Indentures governing the Notes (the "Proposed Amendments"). All Consents delivered (including any Consents deemed delivered through submission of Tender Instructions) and not validly revoked at or prior to the Consent Expiration Time have become irrevocable. Supplemental indentures relating to the Proposed Amendments to the applicable Indentures governing the Notes will be effective upon execution, but will only become operative upon the Settlement Date of the applicable Offer. To be eligible to receive Amended Notes in accordance with the terms of the Offer and Consent Solicitations, Holders should not withdraw their Tender & Consent Instructions. A Consent Only Instruction can only be withdrawn to re-submit as a Tender Instruction in accordance with the procedures of relevant Clearing System; and any such change in instruction will lead to a loss in eligibility for receipt of Amended Notes, if applicable. Notes which are subject to a Consent Only Instruction in Pool 6 have been blocked and will continue to be blocked in the relevant account in the relevant Clearing System to enable the delivery of Amended Notes to the applicable holders on the applicable Settlement Date. Tender Offers / Consent Solicitations Issuer Title of Security CUSIP No./ Common Code& ISIN AggregatePrincipalAmountOutstanding Aggregate Principal Amount of Notes with Consents Delivered(1) Percentage of Outstanding Notes with Consents Delivered(2) Consent Payment(3) Pool 1 Notes DCL 4.900% Senior Notes due 2026 25470DAL3 / US25470DAL38 $650,000,000 $516,541,000 79.47 % $2.50 1.90% Senior Notes due 2027 111729824 / XS1117298247 €600,000,000 €463,042,000 77.17 % €6.48 WMH 3.755% Senior Notes due 2027 55903VBA0 / US55903VBA08 55903VAG8 / US55903VAG86 U55632AD2 / USU55632AD24 $4,000,000,000 $3,780,983,000 94.52 % $5.29 Pool 2 Notes WMH 4.302% Senior Notes due 2030 282180553 / XS2821805533 €650,000,000 €581,609,000 89.48 % €33.21 4.693% Senior Notes due 2033 272162115 / XS2721621154 €850,000,000 €773,539,000 91.00 % Pool 3 Notes DCL 3.950% Senior Notes due 2028 25470DAR0 / US25470DAR08 $1,700,000,000 $1,554,607,000 91.45 % $21.87 4.000% Senior Notes due 2055 25470DBL2 / US25470DBL29 25470DBK4 / US25470DBK46 U25478AH8 / USU25478AH87 $404,843,000 $387,432,000 95.70 % $10.45 4.650% Senior Notes due 2050 25470DBH1 / US25470DBH17 $302,548,000 $293,267,000 96.93 % $10.32 5.200% Senior Notes due 2047 25470DAT6 / US25470DAT63 $604,594,000 $539,113,000 89.17 % $11.21 5.300% Senior Notes due 2049 25470DBG3 / US25470DBG34 $279,031,000 $264,963,000 94.96 % $10.53 4.875% Senior Notes due 2043 25470DAJ8 / US25470DAJ81 $219,974,000 $142,017,000 64.56 % N/A 4.95% Senior Notes due 2042 25470DAG4 / US25470DAG43 $225,508,000 $130,643,000 57.93 % 5.000% Senior Notes due 2037 25470DAS8 / US25470DAS80 $548,132,000 $454,862,000 82.98 % 6.350% Senior Notes due 2040 25470DAD1 / US25470DAD12 $664,475,000 $443,656,000 66.77 % Pool 4 Notes WMH 4.279% Senior Notes due 2032 55903VBC6 / US55903VBC63 55903VAL7 / US55903VAL71 U55632AF7 / USU55632AF71 $5,000,000,000 $4,649,260,000 92.99 % N/A 5.391% Senior Notes due 2062 55903VBF9 / US55903VBF94 55903VAS2 / US55903VAS25 U55632AJ9 / USU55632AJ93 $3,000,000,000 $2,947,115,000 98.24 % $10.18 5.141% Senior Notes due 2052 55903VBE2 / US55903VBE20 55903VAQ6 / US55903VAQ68 U55632AH3 / USU55632AH38 $7,000,000,000 $6,901,635,000 98.59 % $10.14 5.050% Senior Notes due 2042 55903VBD4 / US55903VBD47 55903VAN3 / US55903VAN38 U55632AG5 / USU55632AG54 $4,301,142,000 $4,122,557,000 95.85 % N/A Pool 5 Notes (Subject to Tender Offer and Consent Solicitation) (4) TWI 8.30% Discount Debentures due 2036 887315AZ2 / US887315AZ25 $155,992,000 $150,123,000(5) 96.24 % $20.00 6.85% Debentures due 2026 887315BB4 / US887315BB48 $16,557,000 $14,981,000(5) 90.48 % $20.00 Pool 6 Notes Consent Solicitation Only DCL 4.125% Senior Notes due 2029 25470DBF5 / US25470DBF50 $750,000,000 $662,268,000 88.30 % $22.08 3.625% Senior Notes due 2030 25470DBJ7 / US25470DBJ72 $1,000,000,000 $917,517,000 91.75 % WMH 4.054% Senior Notes due 2029 55903VBB8 / US55903VBB80 55903VAJ2 / US55903VAJ26 U55632AE0 / USU55632AE07 $1,500,000,000 $1,364,619,000 90.97 %(1) Represents the sum of (i) the aggregate principal amount of Notes for which Tender Instructions had been validly delivered (and for which Consents had been deemed to be validly delivered) and not been validly withdrawn as of the Consent Expiration Time and (ii) if applicable, the aggregate principal amount of Notes for which Consent Only Instructions had been validly delivered and not been validly revoked as of the Consent Expiration Time. (2) Represents the percentage of the aggregate principal amount of Notes for which Consents had been validly delivered and not been validly revoked as of the Consent Expiration Time. (3) Reflects the Consent Payment (rounded to the nearest cent) with respect to each $1,000 principal amount of Dollar Notes or €1,000 principal amount of Euro Notes. No separate Consent Payment is payable with respect tenders of DCL's 5.000% Senior Notes due 2037, DCL's 6.350% Senior Notes due 2040, DCL's 4.95% Senior Notes due 2042, DCL's 4.875% Senior Notes due 2043, WMH's 4.279% Senior Notes due 2032 or WMH's 5.050% Senior Notes due 2042. (4) Represents each series of TWI's Notes subject to the Consent Solicitations. The remaining series of TWI's Notes in Pool 5 have not been presented in this table, but such Notes can still be tendered in the applicable Offers pursuant to the terms and conditions set forth in the Offer to Purchase and Consent Solicitation Statement. (5) For the Notes subject to a Consent Solicitation in Pool 5, a Consent Payment is only payable with respect to Consent Only Instructions that had been validly delivered and not been validly revoked as of the Consent Expiration Time. As of the Consent Expiration Time, Consent Only Instructions had been validly delivered and not been validly revoked with respect to (i) $22,630,000 in aggregate principal amount of TWI's 8.30% Discount Debentures due 2036 and (ii) $15,000 in aggregate principal amount of TWI's 6.85% Debentures due 2026. Holders of Tendered Consent Fee Eligible Notes that validly tendered and did not validly withdraw their Tender Instructions at or prior to the Consent Expiration Time are eligible to receive a Consent Payment. Additionally, Holders of the Notes that validly delivered and did not validly revoke Consent Only Instructions at or prior to the Consent Expiration Time are eligible to receive a Consent Payment. The Offers and Consent Solicitations are being made pursuant to the terms and subject to the conditions set forth in the Offer to Purchase and Consent Solicitation Statement. Our obligation to accept for purchase, and to pay for, Notes validly tendered and not validly withdrawn, and Consents validly delivered and not validly revoked, pursuant to an Offer is conditioned upon certain conditions as described in the Offer to Purchase and Consent Solicitation Statement, including a Financing Condition. Each Offer will expire at 5:00 p.m., New York City time, on July 9, 2025, unless extended by us in our sole discretion or earlier terminated (the "Expiration Time"). To be eligible to receive the applicable Total Consideration, which is inclusive of the Early Tender Premium, holders of Notes must validly tender their Notes and not validly withdraw their Notes at or prior to 5:00 p.m., New York City time, on June 23, 2025, unless extended by us in our sole discretion or earlier terminated (the "Early Tender Deadline"). Holders who validly tender their Notes after the Early Tender Deadline and before the Expiration Time will be eligible to receive the applicable Tender Offer Consideration per $1,000 or €1,000, as applicable, of principal amount of Notes tendered by such holders that are accepted for purchase, which is equal to the applicable Total Consideration minus the Early Tender Premium. The Issuers intend to exercise their Early Settlement Right and (i) settle all Notes validly tendered and not validly withdrawn on or prior to the Early Tender Deadline and accepted for purchase, and (ii) pay for Consents validly delivered and not validly revoked prior to the Consent Expiration Time, on June 30, 2025, subject to the satisfaction or waiver of the conditions (other than the Requisite Consent Condition) specified in the Offer to Purchase and Consent Solicitation Statement. Each Issuer will settle payments on the Final Settlement Date with respect to (i) tenders of any Notes validly tendered and not validly withdrawn prior to or at the Expiration Time that have not previously settled on the Early Settlement Date, if any, and which are accepted for purchase, and (ii) Consents validly delivered and not validly revoked prior to the Consent Expiration Time to the extent not previously settled on the Early Settlement Date, if any. The Final Settlement Date will be a date that is promptly after the Expiration Time and is currently expected to occur no earlier than the fourth business day following the Expiration Time. The complete terms and conditions of the Offers and Consent Solicitations are set forth in the Offer to Purchase and Consent Solicitation Statement, along with any amendments and supplements thereto, which holders are urged to read carefully before making any decision with respect to the Offers and Consent Solicitations. The Issuers have retained J.P. Morgan Securities LLC and J.P. Morgan Securities plc to act as the Lead Dealer Managers (the "Lead Dealer Managers"), and Evercore Group L.L.C. to act as Co-Dealer Manager (together with the Lead Dealer Managers, the "Dealer Managers") in connection with the Offers and Consent Solicitations. Kirkland & Ellis LLP is serving as legal counsel to the Issuers and Simpson Thacher & Bartlett LLP is serving as legal counsel to the Dealer Managers. Copies of the Offer to Purchase and Consent Solicitation Statement may be obtained from D.F. King (the "Tender and Information Agent"), by phone at +1 (212) 931-0845 (banks and brokers) or +1 (800) 848-3410 (all others), by WBD@ or at Questions regarding the Offers may also be directed to the Lead Dealer Managers as set forth below: Lead Dealer Managers: J.P. Morgan Securities LLC As Sole Lead Dealer Manager for the Dollar Notes J.P. Morgan Securities plc As Sole Lead Dealer Manager for the Euro Notes 383 Madison AvenueNew York, New York 10179 Collect: +1 (212) 834-4087 Toll-Free: +1 (866) 834-4666 Attn: Liability Management Desk 25 Bank Street Canary Wharf London E14 5JP United Kingdom Collect: +44 20 7134 2468 Attn: EMEA Liability Management Desk This press release must be read in conjunction with the Offer to Purchase and Consent Solicitation Statement. This press release and the Offer to Purchase and Consent Solicitation Statement contain important information which should be read carefully before any decision is made with respect to the Offers and Consent Solicitations. You are recommended to seek your own legal, business, tax or other advice, including as to any tax consequences, immediately from your broker, bank manager, solicitor, accountant or other independent financial or legal advisor. Any individual or company whose Notes are held on its behalf by a broker, dealer, bank, commercial bank, trust company or other nominee or intermediary must contact such entity if it wishes to participate in the Offers and Consent Solicitations. None of the Issuers, the Tender and Information Agent or any of the Dealer Managers, nor any director, officer, employee, agent, legal counsel or affiliate of any such person, is acting for any holder of Notes, or will be responsible to any holder of Notes for providing any protections which would be afforded to its clients or for providing advice in relation to the Offers and the Consent Solicitations, and accordingly none of the Tender and Information Agent or any of the Dealer Managers, nor any director, officer, employee, agent, legal counsel or affiliate of any such person, assumes any responsibility for the accuracy of any information concerning any of the Issuers, the Company or the Notes or any failure by any of the Issuers to disclose information with regard to the Issuers, the Company or the Notes which is material in the context of the Offers and the Consent Solicitations and which is not otherwise publicly available. Subject to any restrictions under the Indentures following the adoption of the Proposed Amendments, and any limitations under the terms of the Junior Lien Exchange Notes (if issued), the Company or any of its subsidiaries or affiliates, including the Issuers, may from time to time following the Expiration Time acquire any Notes that remain outstanding in the open market, in privately negotiated transactions, through one or more additional tender offers, one or more exchange offers or otherwise, or may redeem Notes pursuant to the terms of the Indentures governing the Notes. Any future purchases or redemptions may be on the same terms or on terms that are more or less favorable to holders of Notes than the terms of the Offers. Any future purchases or redemptions by the Company or any of its subsidiaries or affiliates will depend on various factors existing at that time. There can be no assurance as to which, if any, of these alternatives (or combinations thereof) the Company or any of its affiliates will choose to pursue in the future. The effect of any of these actions may directly or indirectly affect the price of any Notes or Amended Notes that remain outstanding after the consummation or termination of the Offers. This press release is neither an offer to purchase nor a solicitation of an offer to sell any securities. The Offers and the Consent Solicitations are being made only by, and pursuant to the terms of, the Offer to Purchase and Consent Solicitation Statement. The Offers and the Consent Solicitations do not constitute an offer to buy or the solicitation of an offer to sell Notes in any jurisdiction in which such offer or solicitation is unlawful. The Offers and the Consent Solicitations are void in all jurisdictions where they are prohibited. In those jurisdictions where the securities, blue sky or other laws require the Offers and the Consent Solicitations to be made by a licensed broker or dealer, the Offers and the Consent Solicitations shall be deemed to be made on behalf of the Issuers by the Dealer Managers or one or more registered brokers or dealers licensed under the laws of such jurisdiction. None of the Issuers, the Tender and Information Agent, the Dealer Managers or any trustee for the Notes is making any recommendation as to whether holders should tender Notes or deliver their Consents in response to the Offers and the Consent Solicitations. Holders must make their own decision as to whether to tender any of their Notes (and, if so, the principal amount of Notes to tender) and/or deliver Consents. About Warner Bros. Discovery: Warner Bros. Discovery (Nasdaq: WBD) is a leading global media and entertainment company that creates and distributes the world's most differentiated and complete portfolio of content and brands across television, film and streaming. Available in more than 220 countries and territories and 50 languages, Warner Bros. Discovery inspires, informs and entertains audiences worldwide through its iconic brands and products including: Discovery Channel, discovery+, CNN, DC, Eurosport, HBO, Max, HGTV, Food Network, OWN, Investigation Discovery, TLC, Magnolia Network, TNT, TBS, truTV, Travel Channel, MotorTrend, Animal Planet, Science Channel, Warner Bros. Pictures, Warner Bros. Television, Warner Bros. Games, New Line Cinema, Cartoon Network, Adult Swim, Turner Classic Movies, Discovery en Español, Hogar de HGTV and others. For more information, please visit Cautionary Statement Regarding Forward-Looking Information This press release contains certain "forward-looking statements." Forward-looking statements include, without limitation, statements regarding the Company's expectations, beliefs, intentions or strategies regarding the future, and can be identified by forward-looking words such as "anticipate," "believe," "could," "continue," "estimate," "expect," "intend," "may," "should," "will" and "would" or similar words. These forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties and on information available to the Company as of the date hereof. Forward-looking statements include, without limitation, statements about the timeline and terms of the Offers and the Consent Solicitations, the future company plans, objectives, expectations and intentions, and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties outside of our control. Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements are risks relating to satisfaction of conditions to the Offers and Consent Solicitations, whether the Offers and Consent Solicitations will be consummated in accordance with the terms set forth in the Offer to Purchase and Consent Solicitation Statement or at all and the timing of any of the foregoing. The Company's actual results could differ materially from those stated or implied, due to risks and uncertainties associated with its business, which include the risks related to the Offers and the Consent Solicitations. Discussions of additional risks and uncertainties are contained in the Company's filings with the Securities and Exchange Commission, including but not limited to the Company's most recent Annual Report on Form 10-K and reports on Form 10-Q and Form 8-K. The Company is not under any obligation, and each expressly disclaims any obligation, to update, alter, or otherwise revise any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future events, or otherwise. Persons reading this communication are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date hereof. View original content: SOURCE Warner Bros. Discovery, Inc. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

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'The Gilded Age' Season 3 premiere: Release date, trailer, new cast members and how to watch. Plus, what fans can expect.

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Max Spain Originals Chief On HBO Max Name Change: 'We Cannot Lose The Value Of HBO'

Max's Director for Local Original Productions in Spain has vowed the move back to the HBO Max moniker 'doesn't change the creative focus.' Instead, he predicted it would amplify the quality on the streamer. 'Many of you are asking what has happened,' Jose Maria Caro said at Conecta Fiction in Spain today about the decision, which was announced in the U.S. last month. 'What does it change mean? Well, we cannot lose the value of HBO because it means many things to many people. It contributes a lot of value.' More from Deadline Boss Of 'Lupin' Maker Gaumont TV France On Netflix's Response To Streaming Law: "They Did Everything To Avoid It, But They Respect It" - Conecta Fiction Conecta Fiction & Entertainment Hands Out $115,000 Prizes As Spanish Confab Kicks Off David Zaslav's Pay To Be "Substantially" Lowered Ahead Of Split, WBD Says, But CEO Will Still Reap Rewards Warner Bros Discovery announced in May it was moving away from Max and back to the HBO Max moniker that the global streamer had launched with in 2020. The rebrand is taking place this summer, and Caro said the move was a significant one. 'What's in a name? It really matters to our editorial line,' he said, as he pledged it 'doesn't change the creative focus.' Original series Max made its first original series commission in Spain in 2023 with When Nobody Sees Us, a thriller led by two policewomen trying to solve a series of crimes in the Andalusian town of Morón de la Frontera. It launched on March 7, with Maribel Verdu and Mariela Garriga starring. Caro pointed to the series as an example of the 'ambitious' original series he was looking for, along with Furia, a drama currently shooting that stars Candela Peña, Carmen Machi, Cecilia Roth, Nathalie Poza and Pilar Castro as five women facing extreme situations. Caro took on his post in January after Alberto Carullo, then VP of Productions for Italy and Iberia at Max, left WBD to join Mediaset. Caro had been with Warners since April 2024. He addressed a packed room today during a Spanish commissioners session that also included reps from Atresmedia, Amazon MGM Studios and Movistar Plus+. Caro was brought into the role as WBD at a point as the streamer plans to ramp up its originals slate in Spain, where the likes of Netflix and Prime Video have also found continued success with original series and films. Today, he touted the value of staying close to subscriber base. 'If we are going to represent the audience, local production is very important for us,' said Caro. Conecta Fiction is taking place in Cuenca, near Madrid, this week. Best of Deadline 2025 TV Cancellations: Photo Gallery 2025-26 Awards Season Calendar: Dates For Tonys, Emmys, Oscars & More 'Bachelor in Paradise' Cast Announcement: See Who Is Headed To The Beach For Season 10