David Zaslav is in his final year leading Warner Bros. Discovery and was expected to more than triple his compensation in 2025. This is largely due to the nearly $110 million in stock options the company has granted him.
The executive’s total compensation of $165 million places him firmly at the top of the tier of highly compensated entertainment and media executives. And if Paramount Skydance’s mega-deal to buy WBD goes through, Zaslav is poised to walk away with a payout of more than $500 million.
Zaslav, WBD’s president and CEO,’s 2025 compensation package included a base salary of $3 million, $22.6 million in stock, $25.7 million in cash bonuses and stock options worth $109,593,181, according to a company filing with the SEC on Thursday.
The Company granted Zaslav 20,898,776 stock options as a one-time special grant on June 12, 2025, following WBD’s decision to split the Company into two listed companies. Discovery Global primarily covers TV networks. The board’s compensation committee said it was intended to be a “one-time solicitation that the committee believed would facilitate the successful completion of the proposed separation and the creation of shareholder value.”
A proposed spin-off of Warner Bros. Discovery has been taken off the table due to the pending acquisition of Paramount.
In considering Zaslav’s new salary package for 2025, the board’s compensation committee “evaluated various inputs,” WBD said in its proxy statement. The committee also considered “Mr. Zaslav’s deep understanding of the Company’s strategy and operations, extensive industry experience and leadership,” and his role in the proposed separation.
The board’s compensation committee also noted that Mr. Zaslav “demonstrated outstanding strategic acumen and direction” in moving forward with the sale of WBD, which initially led to a deal to sell Netflix and WB’s studio and streaming businesses in December 2025, and an M&A deal with Paramount in February 2026. “Mr. Zaslav’s strategic leadership created clear and compelling value for WBD shareholders from the beginning of 2025 until the time of the merger agreement.” “The consideration of $31.00 per share (plus any applicable ticking fees) represents a 147% premium over WBD’s unaffected closing stock price of $12.54 on September 10, 2025,” the company said in its proxy statement.
Warner Bros. Discovery, which is obligated to proceed in a business-as-usual manner amid Paramount’s tender offer, has also set a June 9 date for its annual shareholder meeting to vote on matters including the election of a board of directors (including Mr. Zaslav).
WBD investors will also hold an advisory vote on compensation for Zaslav and other executives, and voted against the executive compensation package at the 2025 meeting.
At a special general meeting of WBD shareholders on April 23, the Paramount merger was approved by an overwhelming majority. However, a majority of investors voted against the “golden parachute” compensation package for Mr. Zaslav and WBD’s other named executive officers in connection with the Paramount merger. It’s a symbolic rebuke because it’s a non-binding measure and allows Warner Bros.’ Discovery board to proceed with the payment as planned anyway.
Under the terms of Mr. Zaslav’s severance package, he will receive a cash severance package of $34.2 million. The combined company’s capital will be $517.2 million. According to documents filed by WBD with the SEC, it will pay $44,195 in ongoing health insurance reimbursement benefits. That’s at least $550 million. In addition, Warner Bros. Discovery has agreed to reimburse Mr. Zaslav up to $335 million in taxes assessed by the IRS related to the accelerated vesting of his shares (although WBD says this number will decrease over time and that the final amount will depend on the closing date of the Paramount agreement).
In addition, Zaslav received $115.85 million worth of vested stock compensation from Warner Bros. Discovery as of March 11, according to the filing. And last month, Zaslav sold $114 million worth of WBD stock.
Paramount signed a $111 billion deal to acquire WBD in February after Netflix rejected an increased offer to Warner Bros. The company is still awaiting regulatory approval, and several state attorneys general are considering legal action to block the deal. The proposed mega-deal has also drawn significant opposition from Hollywood unions, top actors and directors, and others. Paramount has said it expects to save $6 billion in costs from the merger and has indicated that there will be significant layoffs if the merger is completed.
To help finance the acquisition of WBD, Paramount Skydance has brought in sovereign wealth funds from Saudi Arabia, Qatar and Abu Dhabi to contribute a combined $24 billion towards the merger. After the merger between Paramount and WBD, 49.5% of the shares will be owned by foreign investors. Approximately 38.5% of the new company will be owned by three Middle East funds, Paramount said in an April 27 FCC filing.
