873: Pages from a Silver Linings Playbook | Michael Kopelman, CFO, Meow Wolf

Back in 2022, having decided to leave the entertainment business only 3 years after closing on its acquisition of Time Warner, AT&T announced plans to relinquish its ownership of the giant media company and merge it with Discovery, Inc., to form a new, publicly traded entity called Warner Bros. Discovery. Just like many of his peers, Michael Kopelman has found that the business headlines of the past have everything and nothing to do with the ups and downs of his finance leadership career. Seven years earlier, he had been residing at the top of Time Warner’s investor relations function, collaborating daily with its senior leaders to carefully execute the company’s earnings communication process. Kopelman tells us that things were pretty much business as usual until there came a knock on the door from an interested buyer. “At that moment, the plan to stand alone was a better one that would result in a better outcome than pursuing a sale, as it was felt that there might be other acquirers down the line,” recalls Kopelman, who adds that Time Warner held an Investors’ Day event to more extensively brief its shareholders on the firmness of its plans to remain standalone. “We really had to convince investors that what was being offered just wasn’t worth it—and that we could do better down the line,” explains Kopelman, who notes that his efforts to advance the standalone mantra ended up putting him in regular contact with different leaders across the company—including HBO’s leadership, which subsequently offered him a strategic planning leadership role. “It ended up being a great opportunity for me, as I finally got to step away from Wall Street and into an operational role,” comments Kopelman. Still, he was only a few months into his new position when AT&T announced plans to acquire Time Warner, which cut short his operational tenure with the media company. “Well, as they say,” muses Kopelman, “‘The best laid plans … .’” No doubt AT&T management couldn’t say it any better. –Jack Sweeney