Zaslav, other WBD execs get massive payday after Paramount merger
Zaslav, other WBD execs get massive payday after Paramount merger
The executives have been handed their walking papers, along with golden parachute checks amounting to $1.13 billion total.
The merger of Warner Bros. Discovery and Skydance has officially closed, completing a $110 billion blockbuster deal that caused no end of consternation in Hollywood. The dust is still settling, and one of the biggest remaining tasks for the proprietors of the new company, simply called “Skydance,” was to cash out former WBD executives owed big bucks for their outstanding stock. That cash-out has now occurred, with a healthy payday for former WBD CEO David Zaslav in particular.
Key Details:
- Cash in: David Zaslav secured a $606 million payout following the closure of the Paramount and WBD merger.
- Not alone: Five other WBD executives were also cut big checks before leaving the company.
- Moving forward: Several former key WBD figures have secured major roles at the new Skydance.
Outgoing CEO Zaslav got the biggest payout of the group after turning in his outstanding shares. Zaslav secured a $606 million golden parachute from Skydance, ending a tenure that was filled with plenty of big-name streaming hits, but also saw the departure of the NBA from TNT Sports platforms and high-profile content cuts. Previous filings indicate that Paramount was prepared to pay over $700 million to Zaslav alone after the closure of the merger. All unvested stock options owned by departing WBD executives automatically transitioned to cash once the merger closed, with each share valued at more than $31.
Former WBD streaming chief J.B. Perette, chief revenue officer Bruce Campbell, CFO Gunnar Wiedenfels, president of international Gerhard Zeiler, and chief legal officer Priya Aiyar were also handed payouts of between $57 million and $142 million when the acquisition was officially consecrated.
However, not all of those names are leaving the Skydance family. Perrette has been held over to serve as chief financial officer of the new company, and former HBO content chief Casey Bloys had previously been tapped to head up streaming at Skydance.
Zaslav may have stoked the ire of fans and creators at times during his tenure at WBD, but it’s all over now, for better or for worse. The far-more financially flush executive first commanded Discovery's purchase of Warner Media in 2022 before almost immediately turning around to sell the combined business to Skydance, and he was handsomely rewarded for both.
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