What do you think would make David Zaslav happier: the 11 Oscars Warner Bros. secured this week or the $800 million he stands to gain from selling its parent company? Some sharp Hollywood insiders seem to have a clue, but really, Zaslav deserves congratulations for both achievements and much more.
On a recent Sunday night, he reportedly was sending enthusiastic text updates to friends as his studio racked up wins, including Best Picture for *One Battle After Another* and Best Actor for Michael B. Jordan in *The Sinners*.
It’s worth noting that Zaslav, a seasoned dealmaker trained under industry heavyweights like Jack Welch of General Electric and cable titan John Malone, was often viewed as an outsider in Hollywood—a numbers guy lacking passion for film.
Clearly, that reputation is fading. Even those in the creative sector, though somewhat grudgingly, have started to recognize Zaslav’s achievements with Warner Bros. Discovery (WBD) over the past few years.
After AT&T offloaded Warner Media to Discovery in April 2022—a move that made Zaslav CEO of both companies—WBD looked shaky; it was at $5 per share and burdened with debt. The merger dealt with by Malone and Zaslav didn’t initially inspire confidence, to put it mildly. It seemed investors regretted the whole thing.
However, by early 2025, the narrative began to shift. Zaslav made some controversial calls, including canceling *Batgirl*, which had no real audience, and managed to trim billions from the company’s debts. By mid-2025, HBO Max had rebranded, securing its position as the third largest streaming service. Warner Bros. turned out successful films, further bolstering their reputation.
By August last year, WBD’s stock had climbed to around $12—up by over 50% in a year—just as a bidding war for the company kicked off. At that point, stock prices surged nearly 160% after a long slump.
Wall Street buzzed when producer David Ellison showed interest, fresh from acquiring Paramount with support from his father, Oracle co-founder Larry Ellison. However, Zaslav, often called “Zsasz” in executive circles, wasn’t keen on selling. Instead, he ignited a bidding war, as first reported by On the Money.
The situation pitted streaming giant Netflix against Ellison’s Paramount Skydance. Initial estimates of a $30 per share price drew laughter in financial circles, as many doubted they’d reach such heights.
In the end, Paramount Skydance triumphed, settling at $31 per share—totaling approximately $80.6 billion, a remarkable turnaround from earlier weeks when the stock hovered near the penny level.
Some media outlets claim Zaslav’s $800 million compensation—which includes stock, options, and tax benefits—doesn’t truly reflect his worth. Yet, that perspective doesn’t seem to reflect the thoughts of investors or fellow CEOs.
Recently, Zaslav was spotted at a book party for former Goldman Sachs CEO Lloyd Blankfein at the Crane Club in New York. High-profile guests included David Solomon, current Goldman president, Henry Kravis from KKR, and Steve Schwarzman of Blackstone.
While Blankfein’s memoir *Streetwise* received much attention, industry insiders also celebrated Zaslav’s negotiation prowess, showcasing how far opinions of him have shifted within elite circles, according to my sources.
