David Zaslav, the outgoing CEO of Warner Bros. Discovery, will receive approximately $606.1 million from his equity holdings following Paramount’s acquisition of the entertainment company, which completed on October 6, according to a regulatory filing. The payout includes shares and restricted stock units converted into cash entitlements as part of the transaction.
The $606.1 million proceeds comprise $381.7 million from stock options subject to withholding taxes, with the remainder from shares and restricted stock units. However, 14.98 million of Zaslav’s stock options became worthless after the merger because their exercise prices exceeded Paramount’s acquisition price of $31.0167 per share. Since the acquisition agreement in February, Zaslav sold nearly $200 million worth of Warner Bros. Discovery stock.
This payout marks the financial conclusion of Zaslav’s tenure at Warner Bros. Discovery, the company he helped form by merging WarnerMedia and Discovery. Paramount’s acquisition of WBD is a major consolidation in the entertainment sector, ending Zaslav’s leadership and reshaping the company’s ownership structure. The deal also led to symbolic changes, such as the repainting of the iconic Warner Bros. water tower in Burbank, California.
Paramount formally completed the takeover on October 6, ending Zaslav’s role at Warner Bros. Discovery and triggering the $606.1 million equity payout, as detailed in the US Securities and Exchange Commission filing.