Warner Bros Shareholders Approve Paramount Merger, Vote Against Zaslav Pay Package
Variety • • business
Key Points:
- Warner Bros. Discovery shareholders overwhelmingly approved Paramount Skydance’s $111 billion acquisition deal, advancing David Ellison’s plans to build a major Hollywood empire.
- Despite approval of the merger, a majority of shareholders voted against the lavish executive compensation packages for CEO David Zaslav and other top WBD executives, though the advisory vote is non-binding.
- Zaslav’s exit package includes over $550 million in cash, equity, health benefits, and tax reimbursements, while other executives stand to receive nine-figure payouts; these generous packages have drawn shareholder criticism.
- The merger still faces regulatory scrutiny from the Justice Department, European authorities, and potential legal challenges from state attorneys general and opposition from Hollywood unions and industry figures.
- Paramount Skydance expects $6 billion in cost savings from the deal, implying significant layoffs, as the combined company would control a vast media portfolio including HBO, Warner Bros., CBS, and Paramount+.
