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David Zaslav sells $100m Warner Bros Discovery stock
Paramount is anticipating the merger to be finalised in the third quarter of this year
Warner Bros. Discovery CEO David Zaslav is offloading stock valued at over $114 million, as noted in an SEC filing on Tuesday.
This move is happening as the company prepares for its sale to Paramount, with incoming funds on the horizon.
The CEO has initiated the sale of slightly more than 4 million shares. The documents show Zaslav, who has been generously awarded stock over time, received these shares as part of his compensation from January 2023 to February 2026.
Several other prominent WBD executives have also sold shares worth millions this week.
This group includes CFO Gunnar Wiedenfels, Chief Revenue & Strategy Officer Bruce Campbell, Chief Accounting Officer Lori Locke, International President Gerhard Zeiler, Global Streaming President & CEO JB Perrette, Chief Legal Officer Priya Aiyar, and HR head Amy Girdwood.
This wave of transactions follows a trading window opening for executives engaged in any deal discussions.
Just last week, WBD turned down a deal with Netflix and made an agreement to sell to Paramount after a series of discussions and numerous unsolicited proposals from the David Ellison firm.
Paramount's latest offer of $31 per share was deemed superior. Netflix had an opportunity to match but chose not to, incurring a $2.8 billion termination fee in the process.
Paramount is anticipating the merger to be finalised in the third quarter of this year.
Zaslav, who frequently ranks as the highest-paid media CEO and among top CEOs across industries, will experience significant financial gains when WBD is sold.
A December filing outlined potential transaction-linked compensation, valuing his unvested stock awards at $537 million based on Paramount's prior $30 per share proposal.
This would rise to $31. He will also obtain cash severance, a bonus, salary, and benefits aligned with his employment contract at WBD if the company undergoes a change in control.
WBD plans to cover Zaslav’s compensation details in its forthcoming proxy statement.