Warner Bros CEO to make US$667 million on Paramount sale
He could also receive up to US$335.4 million in reimbursement for taxes
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[CALIFORNIA] Warner Bros Discovery chief executive officer David Zaslav could make more than US$667.2 million from the sale of his company to Paramount Skydance.
The sum includes US$34.2 million in cash severance, US$115.8 million in vested stock awards and US$517.2 million in share awards that will be triggered by the deal, a Monday (Mar 17) filing from the company revealed.
The 66-year-old could receive US$335.4 million in reimbursement for taxes, the filing added.
The reimbursement was calculated as at Mar 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.
Zaslav already made US$113 million selling Warner Bros shares earlier in March.
A long-time media executive who frequently popped up on lists of the highest-paid executives in America, he was the engineer of the 2022 merger between cable-TV programmer Discovery and AT&T’s WarnerMedia business.
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After Warner Bros Discovery shares tumbled due to an ongoing weakness in cable TV and Paramount made an offer, he supervised a sale of the company.
He first cut a deal to sell its studios and streaming business to Netflix.
Repeated changes in terms – and ultimately, a hike to US$31 a share – prompted the Warner Bros board to agree to sell the whole company to Paramount for US$110 billion, including debt.
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The deal is still awaiting approval by some regulators and a vote by Warner Bros stockholders. BLOOMBERG
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