This is truly a golden parachute. David Zaslav will receive at least $550 million in compensation following Paramount Skydance’s deal to acquire Warner Bros. Discovery.
On Monday, WBD disclosed estimated compensation (also known as “golden parachute” compensation) for each of WBD’s named executive officers in connection with Paramount’s $111 billion acquisition of Warner Bros. Discovery.
Zaslav, president and CEO of Warner Bros. Discovery, will receive $34.2 million in severance pay. The combined company’s capital will be $517.2 million. WBD will pay $44,195 in ongoing health insurance reimbursement benefits, according to SEC filings.
In addition, Mr. Zaslav will receive additional payments for tax refunds under his agreement with Warner Bros. Discovery. WBD estimated Zaslav’s tax refund at $335.4 million. However, this figure was calculated assuming the effective completion of the transaction on March 11, 2026. According to IRS rules, the actual amount will “significantly decrease over time.” For example, based on current estimates from WBD’s external tax advisors, if the liquidation of Paramount and WBD occurs in 2027, no tax refund is expected to be provided to Zaslav.
Last month, Zaslav sold $114 million worth of WBD stock after Paramount won a bidding war for the company.
The company also outlined estimated merger-related compensation for other Warner Bros. Discovery executives.
JB Perrette, CEO and President of Global Streaming and Gaming, will receive $142 million, including $18.2 million in severance cash and $123.9 million in stock. Bruce Campbell, chief revenue and strategy officer, will receive an estimated $121.5 million, including $18.8 million in severance and $102.7 million in stock. CFO Gunnar Wiedenfels’ package is valued at $120 million (including $6.6 million in cash and $113.1 million in stock for severance). International Chairman Gerhard Zeiler will receive $82.6 million ($11.9 million in severance and $70.7 million in stock).
WBD said the amounts quantified in the section outlining golden parachute compensation are “estimates based on multiple assumptions” and “the actual amounts, if any, paid or to be paid to directors and executive officers may differ materially from such estimates.”
For example, Paramount said it expects the deal with WBD to close in the third quarter of 2026. The company agreed to pay shareholders a “ticking fee” of 25 cents per share for each subsequent quarter that the transaction is not completed. In that case, the value of the shares Mr. Zaslav and other named executives would receive in the combined company would be even higher.
In an SEC filing, WBD disclosed payments to financial advisers Allen & Company and JPMorgan.
The company has agreed to pay Allen & Company cash fees totaling $100 million, of which $20 million is payable in connection with the pre-termination Netflix agreement and $10 million is payable to Allen & Company in connection with the Paramount Merger Agreement. The $30 million is payable by December 1, 2026, and the $40 million is payable upon completion of the Paramount Agreement (the Merger). The company is paying JPMorgan $90 million (of which $45 million is for the now-closed Netflix merger, $5 million will be paid when JPMorgan’s opinion is submitted to the WBD board in connection with the Paramount merger agreement, and $40 million will be paid upon closing of the Paramount transaction).
WBD also revealed that it received an electronic communication on February 18, 2026 from a Singapore-based company called Nobelis Capital Pte. Ltd. Ltd. “claims to submit a ‘binding offer’ to acquire 100% of WBD common stock for $32.50 per share in cash.” However, Novelis’ proposal “included no evidence of equity or debt financing or a definitive transaction agreement.” Novelis indicated it had deposited $7.5 billion into an escrow account with JPMorgan to cover “deregulation fees,” but WBD’s legal and financial advisors “could not confirm that Novelis owned or controlled any material assets and were unable to locate the deposits purportedly placed with JPMorgan,” according to WBD’s filing.
“Unable to confirm the authenticity of the Novelis Proposal, and given the limitations of the Netflix Merger Agreement (as amended and restated), WBD took no further action with respect to the Nobelis Proposal,” the company said in a statement.
On March 9, Novelis Capital “sent further communications to WBD threatening, among other things, various legal actions against WBD” unless Warner Bros. Discovery enters into a “settlement framework” within 48 hours, according to WBD’s filing. However, “WBD has taken no further action with respect to the communications from Novelis, and as of the date of this proxy statement, WBD has not received any further communications from Novelis.”
