David Zaslav Sells $21.7M in Stock as Paramount-Warner Bros. Merger Stuck on Hold

David Zaslav, the president and CEO of Warner Bros. Discovery, has sold more than $195 million in stock following the media company’s agreement to be acquired by David Ellison’s Paramount Skydance earlier this year.

Zaslav recently sold 773,173 shares of Warner Bros. Discovery stock, valued at a total of $21,655,292. This transaction was managed by Fidelity Brokerage Services, as stated in a company filing with the SEC on Thursday. Prior to this, he sold $59.47 million of stock in July and $114 million in March.

On March 12, 2026, Zaslav implemented an SEC Rule 10b5-1 trading plan, which is set to end on August 14, 2026, as revealed in Warner Bros. Discovery’s 10-Q filing for the first quarter. This plan allows company insiders to create a predetermined schedule for buying or selling stock, with specific conditions for Zaslav’s shares to be sold once certain pricing targets are achieved.

The antitrust lawsuit filed by 12 state attorneys general against the Paramount-Warner Bros. Discovery merger is headed for a trial in March 2027. The states claim the merger would grant excessive control over theatrical releases and basic cable. Paramount’s lawyers have labeled the lawsuit “one of the weakest merger challenges in modern antitrust history.” Despite this, Paramount aims to settle the lawsuit before the trial, as it will incur $7 million per day in fees to WBD shareholders from October 1. Ellison recently informed his senior leadership that Paramount plans to start relocating its California headquarters on October 1 to reduce costs if settlement discussions are not initiated by the states.

Should the merger between Paramount and Warner Bros. Discovery be finalized, Zaslav is poised to receive a “golden parachute” package worth at least $550 million.

Zaslav was instrumental in Discovery Communications’ acquisition of WarnerMedia from AT&T, which was completed in 2022. He is among the highest-earning CEOs in the media industry. In 2025, his compensation package amounted to $165 million, including a one-time stock option grant valued at $109.6 million, awarded on June 12, 2025, for his role in splitting the company into two publicly traded entities. One entity will house Warner Bros.’ HBO, HBO Max, and studios, while the other will consist mainly of the linear TV network business, Discovery+, and other assets. In a symbolic gesture, WBD shareholders voted against Zaslav’s golden parachute and his 2025 pay package.