David Zaslav Merger Payout Approved By Just 17% Of WBD Shareholders
Deadline • • business
Key Points:
- Warner Bros. Discovery CEO David Zaslav's compensation package, potentially worth up to $886 million tied to the pending merger with Paramount, was rejected by 82% of shareholders in a non-binding vote.
- Despite the opposition to Zaslav’s pay, shareholders overwhelmingly approved the $110 billion merger with Paramount, with nearly 99% voting in favor, marking a key step toward completion.
- The merger still faces regulatory scrutiny from the European Union and UK, and potential legal challenges from state attorneys general, amid widespread criticism that the deal will reduce competition and lead to significant layoffs.
- Paramount CEO David Ellison defends the merger as beneficial to the creative community and plans to release 30 films annually across both studios, while notable Hollywood figures have publicly opposed the deal.
- Zaslav, who led Discovery Communications before orchestrating the WarnerMedia acquisition, has faced criticism for strategic missteps and the company’s high debt load, though recent successes have somewhat alleviated concerns ahead of the merger.
