Warner Bros. Discovery struggled all the way through 2024, however there have been few headwinds for Leader Government David Zaslav’s pay bundle, which greater to almost $52 million.
The lofty repayment plan — which swelled 4% from the former yr — maintains Zaslav’s status as probably the most handsomely paid executives in The united states, forward of his Hollywood opposite numbers. Walt Disney Co. Leader Government Bob Iger, who runs a miles higher undertaking, used to be paid $41 million final yr.
Warner Bros. Discovery launched its annual proxy commentary Friday, revealing giant adjustments coming to its board. In a hanging transfer, Zaslav’s mentor — the cable tv pioneer John Malone — introduced plans to step down as a vote casting member. Zaslav has labored for Malone for 18 years and Malone has been extremely influential.
Malone will keep on in a newly created place of chair emeritus.
The 84-year-old billionaire will attend Warner Bros. Discovery‘s board conferences and “supply strategic recommend and make stronger to the board and control staff,” consistent with a commentary. The alternate will take impact with the board elections in June, as a part of the corporate’s every year assembly of shareholders.
John C. Malone, chairman of Liberty Media and CEO of Discovery Keeping Corporate, attends the Allen & Corporate Solar Valley Convention in Solar Valley, Idaho, Thursday, July 12, 2012.
(Paul Sakuma / AP)
Warner Bros. Discovery has attracted pastime from activist shareholders as the corporate’s inventory languishes. Stocks sank final spring when traders sensed that Warner Bros. Discovery would surrender the rights to the Nationwide Basketball Assn. for its TNT channel.
The corporate, which has dozens of cable channels, has been punished amid Wall Side road’s popularity of the diminishing potentialities for that after massively successful industry. Ultimate summer season, the corporate took a $9 billion write-down to mirror the decrease price of the ones fundamental cable channels.
The inventory is down 55% for the reason that smaller cable channel corporate, Discovery, run via Zaslav and Malone, swallowed the a lot higher WarnerMedia, which contains HBO, CNN, TBS and the prolific Burbank studios. The inventory used to be punished once more this month amid marketplace turmoil over President Trump’s price lists.
The inventory fell 1.6% Friday to $7.97. Stocks have misplaced just about 1 / 4 in their price this yr.
Following the June stockholders assembly, 3 new administrators may have seats within the boardroom. Previous this yr, Anthony Noto and Joey Levin have been appointed to the board. This week, the corporate introduced that Anton Levy would additionally sign up for.
Previous, the corporate had introduced the Warner Bros. Discovery board would building up to fourteen board administrators with the addition of Levy. Now, with Malone’s choice this week not to stand for reelection, the corporate stated the board would stay at 13 individuals.
Malone’s “choice to not stand for re-election used to be now not the results of any war of words with the corporate on any subject when it comes to the corporate’s operation, insurance policies or practices,” the corporate stated in a regulatory submitting.
“It’s been a privilege to serve at the Warner Bros. Discovery Board and paintings along David and his outstanding staff to assist information the corporate thru an industry-defining merger and its ongoing transformation,” Malone stated in a commentary.
Zaslav additionally gave props to his boss.
“John possesses probably the most good strategic minds our {industry} has ever identified,” Zaslav stated in a commentary.
Not like many different media executives, Zaslav’s repayment bundle isn’t wholly tied to corporate efficiency. He won $3 million in base wage, just about $24 million in money incentives, $23 million in inventory awards and $2 million in different repayment, consistent with the proxy.
Leader Monetary Officer Gunnar Wiedenfels won $17 million in repayment, about flat from the former yr. Leader Income and Technique Officer Bruce L. Campbell garnered $19.8 million, up 8% from 2023. Streaming Leader Government Jean-Briac Perrette won $19.7 million, down somewhat from the former yr.
