In 2025, in what might be his final year leading Warner Bros. Discovery, David Zaslav witnessed his compensation more than triple, primarily due to nearly $110 million in one-time stock options. These were awarded for his role in crafting a plan to divide WBD into two separate entities, a strategy that will not proceed if Paramount’s proposed acquisition goes through.
Zaslav’s total compensation for 2025 was $165 million, placing him among the highest-paid executives in the entertainment and media sectors. Additionally, if the acquisition by Paramount Skydance is finalized, Zaslav stands to receive a payout exceeding half a billion dollars.
Zaslav’s 2025 compensation package as WBD’s president and CEO comprised a $3 million base salary, $22.6 million in stock, a $25.7 million cash bonus, and stock options valued at $109,593,181, according to a company SEC filing released on Thursday.
The company granted Zaslav 20,898,776 stock options in a special one-time award on June 12, 2025, following WBD’s decision to separate into two publicly traded companies: Warner Bros., focusing on studios and streaming, and Discovery Global, mainly covering its TV networks. The board’s compensation committee described this as “a one-time inducement” to encourage the completion of the proposed separation and creation of stockholder value.
With Paramount’s takeover on the horizon, the planned Warner Bros. Discovery split is no longer being pursued.
When evaluating Zaslav’s new pay package for 2025, WBD’s board’s compensation committee considered a variety of factors, as mentioned in the proxy statement. This included Zaslav’s comprehensive understanding of the company’s strategy and operations, his extensive industry experience, leadership, and involvement in the proposed split.
The committee also highlighted Zaslav’s “outstanding strategic insights and direction” in the pursuit of selling WBD, initially leading to a deal with Netflix in December 2025 to sell WB’s studios and streaming businesses, before Paramount secured the M&A agreement in February 2026. According to the company’s proxy statement, “Zaslav’s strategic leadership created clear and compelling value for WBD stockholders; from the start of 2025 to the signing of the merger agreement with Paramount, our share price rose 164%, and the consideration of $31.00 per share (plus any applicable ticking fee) in the Paramount merger represents a 147% premium to WBD’s unaffected closing stock price of $12.54 on September 10, 2025.”
Zaslav’s 2025 compensation also included $4.1 million in “other compensation,” comprising $3.26 million for personal security at his residences and during travel, $758,804 for personal use of corporate aircraft, $16,800 for a car allowance, and $10,265 for “tax gross-ups associated with business associate and spousal travel on corporate aircraft at the company’s request,” according to WBD’s proxy statement.
Other executives at WBD also received pay raises in 2025, though not as substantial as Zaslav’s.
JB Perrette, CEO and president of global streaming and games at Warner Bros. Discovery, received a pay package valued at $22.5 million, an increase of 14%. Chief revenue and strategy officer Bruce Campbell’s compensation rose by 13% to $22.3 million. CFO Gunnar Wiedenfels saw a 3.6% increase, bringing his pay package to $17.7 million.
On Thursday, WBD also announced a new employment agreement with Wiedenfels to remain as CFO through April 2028, with terms similar to the current agreement, plus a one-time award of restricted stock units valued at $2 million on August 17, 2026. Wiedenfels is expected to depart the company following the Paramount merger, which is anticipated to close in the third quarter.
Warner Bros. Discovery, required to operate normally during Paramount’s acquisition process, has scheduled its annual shareholders meeting for June 9, where measures such as electing directors, including Zaslav, will be voted on.
Investors will also cast an advisory vote on the compensation packages for Zaslav and other top executives. At the 2025 meeting, shareholders voted against these pay packages.
At a special meeting on April 23, WBD shareholders overwhelmingly backed the Paramount merger. However, a majority opposed the “golden parachute” compensation for Zaslav and other executives related to the merger. This opposition is symbolic as it is non-binding, allowing Warner Bros. Discovery’s board to proceed with the payouts. Of the shares voted on the exit-pay proposal, 82% were against it.
Under the exit compensation package, Zaslav will receive $34.2 million in cash severance, $517.2 million in equity in the merged company, and $44,195 in continued health coverage reimbursement benefits, as per a WBD SEC filing. This amounts to at least $550 million. Additionally, Warner Bros. Discovery has agreed to cover up to $335 million in taxes for Zaslav’s accelerated stock vesting, though this figure is expected to decrease over time, depending on the closing date of the Paramount agreement.
As of March 11, Zaslav held $115.85 million in vested stock awards from Warner Bros. Discovery, according to the filing. Last month, he sold $114 million in WBD stock.
Paramount secured its $111 billion deal to acquire WBD in February after Netflix declined to increase its offer for Warner Bros. The deal awaits regulatory approval, with several state attorneys general contemplating legal challenges. The megadeal faces significant opposition from Hollywood unions, top actors, directors, and others. Paramount anticipates $6 billion in cost savings from the merger, hinting at potential mass layoffs if the merger is finalized.
To finance the WBD acquisition, Paramount Skydance enlisted the sovereign wealth funds of Saudi Arabia, Qatar, and Abu Dhabi, which collectively pledged $24 billion toward the merger. The combined Paramount-WBD entity will be 49.5% owned by foreign investors, with about 38.5% of the equity held by the three Middle Eastern funds, as disclosed by Paramount in an April 27 FCC filing.
