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Warner Bros. Discovery Investors Reject Zaslav’s $51.9 Million Pay Package

The board will consult shareholders on executive compensation following the vote; the company is preparing to split its cable assets and capitalize on recent streaming subscriber gains.

The exterior of the Warner Bros. Discovery Atlanta campus in Atlanta, Georgia, U.S. May 2, 2023. REUTERS/Alyssa Pointer/File Photo
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Warner Bros. Discovery chief executive David Zaslav poses on the red carpet during the Oscars arrivals at the 96th Academy Awards in Hollywood, Los Angeles, California, U.S., March 10, 2024. REUTERS/Aude Guerrucci/File Photo

Overview

  • Nearly 60 percent of votes at the June 2 annual meeting opposed the non-binding advisory on 2024 pay, with 1.06 billion shares against and 724.5 million in favor.
  • David Zaslav’s total compensation rose 4 percent year-over-year to $51.9 million, comprising a $3 million base salary, $23.1 million in stock awards and a $23.9 million bonus.
  • WBD’s board had urged investors to back the pay packages and now intends to hold constructive talks with shareholders on executive compensation.
  • Driven by HBO’s The White Lotus season three and the medical drama The Pitt, Warner Bros. Discovery added 5.3 million streaming subscribers in the January–March quarter.
  • The company has laid groundwork to sell or spin off its declining cable TV assets as part of a potential breakup aimed at sharpening its focus on streaming and studio operations.