Warner Bros. Discovery CEO David Zaslav Sells $30 Million Stock
David Zaslav, the CEO of Warner Bros. Discovery, recently made headlines by selling over $30 million worth of company stock. This marked the first time he has cashed in shares of the media conglomerate. Zaslav sold 2.564 million shares of WBD Series A common stock on Dec. 16 at an average price of $11.73 per share, bringing the total to $30,075,720, as reported in an SEC filing on Wednesday.
These shares were originally acquired by Zaslav between February 21, 2014, and February 28, 2022, as part of his compensation package. The sale was attributed to year-end tax planning and gift/estate planning purposes, according to the filing.
After the sale, Zaslav still holds a substantial amount of Warner Bros. Discovery shares, with 3.45 million shares worth more than $38 million. Additionally, as of April 4, Zaslav owned 14.7 million in stock options, which represent shares that could be acquired within 60 days of that date, based on WBD’s proxy filing.
Warner Bros. Discovery, which is the parent company of HBO, streaming service Max, Warner Bros. Pictures, and cable networks like CNN, TNT, and TBS, recently announced a reorganization plan. The company intends to split into two divisions: one focused on its streaming business and production studios, and the other dedicated to its cable TV portfolio. This move is expected to be completed by mid-2025 and aims to drive shareholder value.
Zaslav’s compensation has been a topic of interest, with his 2023 pay package totaling $49.7 million, representing a 26.5% increase from the previous year. In 2022, he received $39.3 million, but the standout figure was his compensation in 2021, which amounted to a staggering $246.6 million, including $203 million in stock-option grants.
For 2023, Zaslav received a base salary of $3 million, stock awards valued at $23.1 million, a cash bonus of $22 million, and $1.6 million in other compensation. This included expenses for personal security services and his use of the company’s private jet.
The market response to Warner Bros. Discovery’s recent announcements has been positive, with the company’s stock receiving a boost. With ongoing developments and strategic moves in the works, stakeholders continue to monitor the company’s performance closely.
