Warner Bros. CEO's pay package triples to $165M
What's the story
David Zaslav, the CEO of Warner Bros. Discovery (WBD), saw his pay package more than triple in 2025 to $165 million. The massive increase was mainly due to nearly $110 million in one-time stock options awarded by the WBD board. The stock option was given for his role in leading a plan to split WBD into two separate entities: Warner Bros., which would include studios and streaming services, and Discovery Global, which would comprise its TV networks.
Acquisition impact
Proposed split halted by Paramount acquisition
The proposed split of WBD has now been halted by the impending acquisition of the company by Paramount. "Certain of the Committee's actions in 2025 were designed to support retention and incentivize our pursuit of other strategic options," said WBD in a proxy statement filed with the SEC on Thursday. Despite not completing the separation, some compensation actions remain in effect due to this merger approval.
Compensation breakdown
Breakdown of Zaslav's massive pay package
Zaslav's 2025 compensation package as president and CEO of WBD included a $3 million base salary, $22.6 million in stock, a cash bonus of $25.7 million, and stock options worth nearly $110 million "Mr. Zaslav's strategic leadership created clear and compelling value for WBD stockholders; from the beginning of 2025 to the time of signing the merger agreement with Paramount, WBD's share price increased 164% and the merger consideration represented a 147% premium," said the company in its SEC filing.
Merger details
Warner Bros. shareholders approve Paramount's $81 billion takeover bid
Last week, Warner Bros. shareholders approved Paramount's $81 billion takeover bid, a move that could reshape Hollywood and the US media landscape. The deal comes after a months-long bidding war with Netflix for Warner Bros., which was initially rebuffed by Paramount in favor of a $72 billion studio and streaming deal with Netflix. However, Paramount went directly to shareholders with a hostile bid to take over the whole company, including its cable business that Netflix didn't want.
Payout prospects
Zaslav could pocket $887 million if sale goes through
Under the proposed pay packages to executives, Zaslav could get up to $887 million if the sale is completed. However, PP Foresight analyst Paolo Pescatore warned that management now faces a twofold challenge: securing regulatory approval for the deal and proving it can create long-term value without fuelling concerns around excessive pay.