David Zaslav’s pay rises to $52 million, despite rocky year for Warner Bros. Discovery
2024 proved challenging for Warner Bros. Discovery, yet there weren’t many obstacles in the way of Chief Executive David Zaslav’s compensation package, which soared close to $52 million.
The generous remuneration package, experiencing a 4% increase over the past year, continues to position Zaslav among the highest-earning executives in the U.S., surpassing his peers in Hollywood. In contrast, Bob Iger, CEO of The Walt Disney Company, managing a significantly larger business, was compensated $41 million last year.
On Friday, Warner Bros. Discovery shared its annual report, outlining significant adjustments to their board. Notably, John Malone, a respected pioneer in cable television and mentor to current CEO David Zaslav, declared his intention to relinquish his voting position. Zaslav has been associated with Malone for close to two decades, during which time Malone played a crucial role.
Malone will stay on in a newly created position of Chair Emeritus.
An 84-year-old billionaire is set to participate in Warner Bros. Discovery’s board meetings, offering strategic advice and assistance to both the board and executive team. This role will commence with the June board elections during the annual shareholders’ gathering.
As a film enthusiast, I’ve been keeping a close eye on the situation with Warner Bros. Discovery, and it seems like there’s some buzz surrounding the company lately. The stock has taken a hit, leaving many investors worried. Last spring, there were whispers that Warner Bros. Discovery might relinquish the broadcast rights for the National Basketball Association on TNT, which sparked concern among shareholders.
The firm, boasting numerous cable networks, has faced penalties following Wall Street’s realization of the shrinking potential in an industry that was once incredibly lucrative for them. Over the past summer, they had to acknowledge a $9 billion loss to account for the reduced worth of their basic cable channels.
The stock has dropped approximately 55% since Discovery, under the leadership of Zaslav and Malone, acquired WarnerMedia, a larger company that encompasses HBO, CNN, TBS, and the productive Burbank studios. This month, the stock suffered further losses due to market instability caused by President Trump’s tariffs.
The stock was trading Friday around $7.80 a share.
Hollywood Inc.
In the wake of Wednesday’s announcement, the media company run by David Zaslav reported lower-than-expected earnings for the second quarter, causing a drop in its share prices in the after-hours trading on Wall Street.
After the June shareholders’ gathering, it was decided that three new individuals will take their places in the boardroom. Earlier in the year, Anthony Noto and Joey Levin were elected to the board. More recently, the company revealed that Anton Levy is also set to become a member.
Initially, it was mentioned that the Warner Bros. Discovery board would expand to 14 members due to the inclusion of Levy. However, after Malone’s recent decision not to seek re-election, the company has announced that the board will now consist of 13 members instead.
According to the official statement made by the company in a public filing, Malone’s choice to not seek re-election had nothing to do with any conflicts or disputes regarding the business operations, policies, or procedures of the organization.
It’s been an honor to be part of the Warner Bros. Discovery Board and collaborate with David and his remarkable group, contributing to the company’s groundbreaking merger and continuous evolution. This is what Malone expressed in a released statement.
Hollywood Inc.
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Benched by the NBA, Warner Bros. Discovery boss David Zaslav faces tough questions
Bank of America analyst Jessica Reif Ehrlich expressed concern about the current situation, pointing out that Warner Bros. Discovery’s struggling stock and recent blunders by its CEO, David Zaslav, can’t continue indefinitely.
Zaslav also gave props to his boss.
According to Zaslav’s statement, John’s mind for strategy is exceptionally sharp and highly respected within our industry.
Instead of most media executives, Zaslav’s remuneration package isn’t solely linked to the company’s performance. His base salary is set at $3 million, he received approximately $24 million in cash incentives, $23 million in stock awards, and an additional $2 million in various compensation, as stated in the proxy report.
As a cinephile putting things into my own words, here’s how I might rephrase that statement:
Last year, I, Gunnar Wiedenfels, as the Chief Financial Officer, pocketed approximately the same amount as the previous year – a cool $17 million. On the other hand, Bruce L. Campbell, in his role as Chief Revenue and Strategy Officer, saw an 8% increase in his compensation package, totaling $19.8 million in 2024.
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2025-04-11 21:01