Ex-Warner Bros. CEO pockets US$600 million in sale to Paramount
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Co-chief executive officers of Skydance Corp. David Ellison (left) and Ynon Kreiz at the New York Stock Exchange in New York on Oct 8.
PHOTO: BLOOMBERG
- - David Zaslav made about US$600 million from Warner Bros. Discovery’s sale to Paramount Skydance Corp., mostly through stock options.
- - Warner Bros. shareholders received US$31 a share in cash, about 25% above the April 2022 trading price, but below the S&P 500’s 76% rise.
- - The new Skydance Corp., led by David Ellison, now combines Paramount and Warner Bros. studios, TV networks like CBS and CNN, and streaming services Paramount+ and HBO Max.
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NEW YORK – David Zaslav, the longtime TV executive who created Warner Bros. Discovery Inc. but ultimately failed to keep it going as an independent company, made about US$600 million (S$768 million) on the sale of the business to Paramount Skydance Corp. this week.
Much of Zaslav’s compensation came in the form of stock options. Warner Bros. stockholders received US$31 a share in cash in the sale, a nearly 25% increase from when the stock first began trading in April of 2022. The S&P 500 rose 76% over that period.
Many other Warner executives received large paydays, including streaming boss JB Perrette and strategy chief Bruce Campbell. A spokesperson said Zaslav doubled the number of employees overall who received stock awards.
The new company, now called Skydance Corp. and led by technology scion David Ellison, is one of the largest media businesses in the world, comprising the century-old Paramount and Warner Bros. movie studios, dozens of TV networks, like CBS and CNN, as well as the Paramount+ and HBO Max streaming services. BLOOMBERG