Global media giants Netflix and Paramount are duking it out to see who will acquire Warner Bros. Discovery. But when the dust settles and the battle is finally over, the biggest winner may just be embattled WBD CEO David Zaslav.
While Netflix is making a bid for the Warner Bros. side of the company, attempting to acquire the studio and streaming portfolio, Paramount Global is attempting to purchase the entire thing. That includes the planned Discovery Global spinoff of WBD’s cable networks.
WBD had accepted a deal from Netflix to the tune of $82.7 billion. However, Paramount has attempted to hijack the deal by sending an offer directly to shareholders at $30 per share that is approximately $18 billion above the Netflix offer. And they may not be done as Paramount has already signaled they are willing to raise their offer for the entire company.
Regardless of who ends up winning the bidding process, it’s David Zaslav who will benefit a great deal.
Zaslav has been a controversial figure as Warner Bros. Discovery CEO, especially in the sports world. His dismissive attitude towards striking a new rights deal with the NBA got the ball rolling on the two sides ending their decades-long relationship. And with the planned cable spinoff into Discovery Global, Zaslav has signaled that sports are far from the centerpiece of his strategy moving forward.
Shareholders have not been happy with his performance. Before news of the impending sale, the stock plunged to a low of $7.52 per share back in May. At the start of 2022, it was trading at over $30 per share. Earlier this year, they voted down his massive salary package as something resembling a vote of no confidence. But it’s not his salary package, but the stock options that will see him benefit massively from any sale.
If the Netflix deal goes through, Zaslav has accumulated enough WBD stock that he could become a billionaire. If Paramount wins the bidding war, Zaslav could cash in on an astronomical scale. And Variety lays out the calculations in detail.
Zaslav’s current stock holdings in Warner Bros. Discovery, along with future grants he is entitled to, would be worth around $660 million in the event the deal with Netflix goes through, CNBC reported. (Netflix and WBD anticipate the deal closing within 12-18 months.) All told, Zaslav would have a net worth topping $1 billion if Netflix wins the day, per Bloomberg. Note that those estimates are based on Netflix’s $27.75/share offer for only WB studios and HBO Max. Paramount’s hostile takeover bid of $30/share (which might go higher) would mean Zaslav’s payout will be even bigger if that deal prevails.
Warner Bros. Discovery did not respond to a request for comment.
Zaslav, 65, has been the highest-paid media exec in recent years. In 2024, his pay package increased 4.4% to total compensation of $51.9 million, including a cash bonus of $23.9 million and $23.1 million in performance-based restricted stock grants — despite Warner Bros. Discovery posting an $11.5 billion loss for the year. In 2021, as CEO of Discovery Communications he received an astonishing $246.6 million compensation package (including stock options valued at $203 million at the time). The Discovery board in part justified Zaslav’s lavish comp by citing his agreement to buy WarnerMedia from AT&T, a deal that was announced in May 2021 and closed in April 2022.
David Zaslav and the WBD board favor the deal with Netflix because of the potential that exists in bringing their entertainment properties together. Zaslav has made it clear that the side of the business is where he finds the most value, not in sports. After all, that’s why the cable networks and sports properties are being spun off in the first place. That makes it all the more ironic that sports are at the center of Paramount’s aggressive takeover bid, sensing an opportunity to build on their newfound interest in live sports (like their huge UFC deal) and carry that momentum forward.
Whatever happens in the duel between Netflix and Paramount, and despite all the skepticism and questions about his reign as CEO, David Zaslav is going to reap the riches of either deal.
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