Where’s Zas and what’s next for him?
These questions have become quite the topic of discussion in media circles since David “Zas” Zaslav stepped down as CEO of Warner Bros Discovery. So, I decided to dig a little deeper.
The short version? While I have a rough idea of where he’s been spending his time, the truth is, even Zas isn’t sure what his next project will be. This uncertainty is partly due to what some might call “f–k you money,” giving him the luxury to take a break and just enjoy life.
The $81 billion sale of WBD wasn’t a quick affair. It involved a drawn-out bidding process, legal hurdles, and a settlement with various state attorneys general who had concocted an antitrust case regarding WBD’s acquisition by Paramount. Eventually, more rational minds acknowledged this was a merger needed to rival the tech giants encroaching on media territory.
This settlement allowed the Ellison family and their partners at Redbird Capital to strengthen their foothold in the media landscape, bringing WBD—which boasts big names like CNN, HBO, and the Warner studio—together with Paramount’s CBS, streaming service, and its own studio.
Notably, this deal secured one of the largest payouts in media history. Zaslav is set to walk away with approximately $1 billion in total compensation (including vested options, stock awards, and tax advantages) following his over four years at WBD.
I’ve argued that he’s earned every cent. When he took over, WBD was struggling, burdened by debt and a mix of unrelated assets following the merger of Discovery and Warner Media. He restructured the company, reduced its debt, and initiated a bidding frenzy that propelled the stock price from around $7 to $31.
Interestingly, he wasn’t the only beneficiary of this success; as highlighted previously, he encouraged stock ownership across WBD, creating numerous new millionaires along the way.
After achieving all that, Zas isn’t in any hurry to jump back into the fray. Recently, when asked about his future plans, he humorously remarked, “Still roping cattle, off the grid.”
It’s tough to picture Zas as a cowboy in his characteristic fleece. The truth is, out on the prairie, he might not find the same quality bagels and lox as those at his go-to breakfast place in Manhattan, Barney Greengrass.
And yet, for those who know him, he’s a bit of a workaholic, not someone who truly disconnects. Sure, he’s taking a breather now, enjoying some biking in Montana with his family, but insiders suggest he’s preparing for a second act—even if he’s uncertain about what shape that will take.
I would guess that this 66-year-old Brooklyn native won’t stay away from NYC for long. Upon his return, he might collaborate with his longtime mentor, cable pioneer John Malone, to broker new deals, according to someone familiar with his plans.
He may also pen a book detailing his extensive career on Wall Street. In addition to Malone, he learned a great deal from the legendary Jack Welch during his tenure at NBCU when it was part of General Electric.
Of course, he could choose to do nothing at all (after all, he’s in a comfortable position financially). Yet, he has recently shared with friends that he “needs more hobbies” beyond managing media companies, deal-making, and the occasional bike ride. When he’s back in NYC, he can’t spend all his time at Barney Greengrass, socializing with a breakfast crew that includes prominent figures like former Goldman Sachs CEO Lloyd Blankfein, Hollywood mogul David Geffen, and media titan Barry Diller.
So, keep your eyes peeled. I’ve heard Zas has the “flexibility to do almost anything.” As an eager reporter, I’m excited to see what unfolds.
