Warner Bros CEO to make $667m on Paramount sale

Warner Bros Discovery Chief Executive Officer David Zaslav could make more than $667.2 million on the sale of his company to Paramount Skydance Corp.

The payments include $34.2 million in cash severance, $115.8 million in vested stock awards and $517.2 million in share awards that will be triggered by the deal, according to a Monday filing from the company.

The 66-year-old could receive $335.4 million in reimbursement for taxes, according to the filing. The reimbursement was calculated as of March 11 and decreases over time if the deal takes longer to close and more shares vest. Should the sale of the company happen in 2027, the tax reimbursement would be zero.

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Zaslav already made $113 million selling Warner Bros shares earlier this month.

A longtime media executive who frequently popped up on lists of the highest-paid executives in America, Zaslav was the engineer of the 2022 merger between cable-TV programmer Discovery with AT&T’s WarnerMedia business.

After Warner Bros. Discovery shares tumbled due to ongoing weakness in cable TV and Paramount made an offer, Zaslav supervised a sale of the company. He first cut a deal to sell its studios and streaming business to Netflix Inc.

Repeated changes in terms and ultimately a hike to $31 a share prompted the Warner Bros board to agree to sell the whole company to Paramount for $110 billion, including debt. The deal is still awaiting approval by some regulators and a vote by Warner Bros. stockholders.

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