Warner Bros. Discovery CEO David Zaslav just got richer last year, receiving a nearly 27% pay raise while overseeing mass layoffs at the media conglomerate.
Mr. Zaslav’s total compensation in 2023 was $49.7 million, an increase of 26.5% from the $39.3 million he received the year before, according to the company’s 2024 edition. power of attorney It was filed on Friday.
CNN, HBO and Turner Classic Movies are among the media properties affected by layoffs under his leadership.
Zaslav’s base salary in 2023 was $3 million, with stock compensation of $23.1 million and a cash bonus of $22 million. His compensation also included $705,182 for personal security services and $767,908 for personal use of the company’s private jet.
During his tenure, the company implemented several brutal layoffs from the end of 2022 to 2024. Companies often spread layoffs over several months to avoid federal disclosure requirements. Many of the job cuts are due to the merger between AT&T’s Warner Media and Discovery.
CNN is cutting hundreds of jobs, including the closure of its CNN+ streaming service in 2022. The ratings-troubled network has been unable to grow viewership as it doubles down on left-wing activism and anti-Trump support.
Mr. Zaslav became unpopular with movie fans after he embarked on a drastic culling of content from HBO Max and the company’s other streaming services in order to save more money.
He has also shelved completed films before release, including: batgirl and Coyote vs. Acme — presumably to use it as a tax deduction.
His decision to lay off TCM staff was also met with anger from moviegoers.
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