Warner Bros. Discovery struggled throughout 2024, but there were few headwinds for Chief Executive David Zaslav’s pay package, which increased to nearly $52 million.
The lofty compensation plan — which swelled 4% from the previous year — maintains Zaslav’s standing as one of the most handsomely paid executives in America, ahead of his Hollywood counterparts. Walt Disney Co. Chief Executive Bob Iger, who runs a much larger enterprise, was paid $41 million last year.
Warner Bros. Discovery released its annual proxy statement Friday, revealing big changes coming to its board. In a striking move, Zaslav’s mentor — the cable television pioneer John Malone — announced plans to step down as a voting member. Zaslav has worked for Malone for 18 years and Malone has been highly influential.
Malone will stay on in a newly created position of Chair Emeritus.
The 84-year-old billionaire will attend Warner Bros. Discovery‘s board meetings and “provide strategic counsel and support to the board and management team,” according to a statement. The change will take effect with the board elections in June, as part of the company’s yearly meeting of shareholders.
John C. Malone, chairman of Liberty Media and CEO of Discovery Holding Company, attends the Allen & Company Sun Valley Conference in Sun Valley, Idaho, Thursday, July 12, 2012.
(Paul Sakuma / AP)
Warner Bros. Discovery has attracted interest from activist shareholders as the company’s stock languishes. Shares sank last spring when investors sensed that Warner Bros. Discovery would give up the rights to the National Basketball Assn. for its TNT channel.
The company, which has dozens of cable channels, has been punished amid Wall Street’s recognition of the diminishing prospects for that once hugely profitable business. Last summer, the company took a $9 billion write-down to reflect the lower value of those basic cable channels.
The stock is down 55% since the smaller cable channel company, Discovery, run by Zaslav and Malone, swallowed the much larger WarnerMedia, which includes HBO, CNN, TBS and the prolific Burbank studios. The stock was punished again this month amid market turmoil over President Trump’s tariffs.
The stock was trading Friday around $7.80 a share.
Following the June stockholders meeting, three new directors will have seats in the boardroom. Earlier this year, Anthony Noto and Joey Levin were appointed to the board. This week, the company announced that Anton Levy would also join.
Earlier, the company had announced the Warner Bros. Discovery board would increase to 14 board directors with the addition of Levy. Now, with Malone’s decision this week to not stand for reelection, the company said the board would remain at 13 members.
Malone’s “decision not to stand for re-election was not the result of any disagreement with the company on any matter relating to the company’s operation, policies or practices,” the company said in a regulatory filing.
“It has been a privilege to serve on the Warner Bros. Discovery Board and work alongside David and his exceptional team to help guide the company through an industry-defining merger and its ongoing transformation,” Malone said in a statement.
Zaslav also gave props to his boss.
“John possesses one of the most brilliant strategic minds our industry has ever known,” Zaslav said in a statement.
Unlike many other media executives, Zaslav’s compensation package is not wholly tied to company performance. He received $3 million base salary, nearly $24 million in cash incentives, $23 million in stock awards and $2 million in other compensation, according to the proxy.
Chief Financial Officer Gunnar Wiedenfels received $17 million in compensation, about flat from the previous year. Chief Revenue and Strategy Officer Bruce L. Campbell garnered $19.8 million, up 8% from 2023. Streaming Chief Executive Jean-Briac Perrette received $19.7 million, down slightly from the previous year.
