Warner Bros. Discovery CEO Set for Major Payout
When the moment arrives, a substantial payment awaits. David Zaslav, the CEO of Warner Bros. Discovery (WBD), is set to receive $800 million in severance and additional payments following the acquisition of WBD by competitor Paramount, according to a recent securities filing.
This figure encompasses various forms of compensation, including cash, stock options, and restricted stock, along with newly implemented tax benefits for Zaslav, as disclosed by WBD in a filing that was reviewed by a news outlet. Interestingly, this total doesn’t factor in an expected amount exceeding $20 million from stock he wholly owns.
Zaslav, noted as one of the highest earners in Hollywood, has already profited $113 million from selling his WBD stock earlier this month.
Additionally, other executives are likely to see considerable compensation, such as JB Perrett, the head of WBD’s global streaming and gaming arms, who may receive around $142 million in cash and stock options.
Gunnar Wiedenfels, the chief financial officer of WBD, is also anticipated to benefit, potentially banking approximately $120 million. Furthermore, WBD’s financial advisors will reportedly enjoy substantial payments, with Allen & Company estimated to earn up to $100 million and JPMorgan around $90 million.
WBD clarified in its filing that these amounts are merely “estimates based on multiple assumptions,” hinting that the final figures might differ significantly.
This isn’t the first instance of Zaslav being linked to large sums of money. Reports indicated that his total compensation for 2023 will reach $49.7 million, marking a notable increase from $39.3 million the previous year.
Throughout his leadership, the company has executed several rounds of severe layoffs from late 2022 into 2024, which hasn’t won him any fans. Indeed, he faced backlash from the moviegoing community after initiating a significant content cut from HBO Max and other platforms in a bid to save costs.
Significantly, he also opted to shelve several completed films, like Batgirl and Coyote vs. Acme, potentially aiming to utilize these decisions for tax benefits. His choice to let go of staff at Turner Classic Movies further fueled discontent among cinema lovers.
