Before he was appointed Warner Bros. Discovery CEO, chances are most of you hadn't heard of David Zaslav. He'd been Discovery CEO and President since 2006, overseeing the company when it went public and the eventual merger with WarnerMedia in 2022.
Before that, he'd worked at NBCUniversal, where he'd helped develop and launch cable channels like CNBC and MSNBC.
So, it's an impressive résumé, but Zaslav has put himself on the radar with film fans for ruthlessly scrapping near-completed titles like Batgirl, Coyote vs. Acme, and Scoob! Holiday Haunt. It's also widely thought that, over the past four years or so, his sole aim has been offloading Warner Bros. to the highest bidder.
While it looked like Netflix might win the day, Paramount Skydance later hit back with a $111 billion takeover of Warner Bros. Discovery that looks set to give the Ellison family unprecedented power in Hollywood and beyond.
Zaslav, who is 66, isn't expected to remain at WBD when the deal closes, but his time in charge will make him a billionaire. According to Variety, the executive is set to receive $34.2 million in cash severance; $517.2 million in equity in the combined company; $335.4 million in tax reimbursements; and $44,195 in continued health coverage reimbursement benefits.
That adds up to a whopping $887 million, and doesn't include the $114 million of stock sold by Zaslav after Paramount won the bidding war for the company.
"I'm very pleased with the outcome we achieved for WBD shareholders and the entertainment industry," Zaslav said when the deal was made with Paramount. "Our guiding principle throughout this process has been to secure a transaction that maximizes the value of our iconic assets and our century-old studio while delivering as much certainty as possible for our investors."
"We look forward to working with Paramount to complete this historic transaction," he concluded, before Paramount CEO David Ellison chimed in to say, "From the very beginning, our pursuit of Warner Bros. Discovery has been guided by a clear purpose: to honor the legacy of two iconic companies while accelerating our vision of building a next-generation media and entertainment company."
"By bringing together these world-class studios, our complementary streaming platforms, and the extraordinary talent behind them, we will create even greater value for audiences, partners and shareholders — and we couldn't be more excited for what's ahead."
Do you think Zaslav's golden parachute payment is well deserved? Let us know your thoughts in the comments section.