Warner Bros. Discovery CEO David Zaslav’s annual compensation will increase by nearly 27% to $49.7 million in 2023, according to a filing with the Securities and Exchange Commission on Friday. Became.
The pay increase was partly related to the loss-making media conglomerate’s decision to adjust executive compensation to focus on debt reduction and free cash flow.
Warner Bros. Discovery reported an 86% increase in free cash flow to $6.16 billion in 2023, due in part to lower spending due to the Hollywood strike that paralyzed production for several months.
In February, the company reported a bigger-than-expected quarterly loss due to the decline in cable TV, a weak advertising market and the Hollywood strike.
Zaslav received $23.1 million in stock compensation in 2023, compared to $12 million in 2022. The company’s stock price rose 20% last year.
Zaslav’s salary increased starting in 2022, but it dwarfs his $246.5 million compensation in 2021.
