A competitive battle between Netflix Inc (NASDAQ:NFLX) and Paramount Skydance (NASDAQ:PSKY) to acquire media giant Warner Bros. Discovery (NASDAQ:WBD) is nearing an end with Paramount emerging victorious with a $31 per share bid. Among the big winners in the deal is Warner Bros. Discovery CEO David Zaslav.
Zaslav Cashes In On Deal
The merger between Warner Bros. Discovery and Paramount Skydance, which still faces regulatory hurdles, could create a sports content juggernaut. The deal could also create a potential new billionaire with Warner Bros. Discovery CEO David Zaslav set for a huge windfall.
Zaslav recently cashed out a portion of his stake in the media company, with the selling window finally open after months of delay during the sale process that kept executives from selling.
The CEO sold 4,004,149 WBD shares valued at $114,118,246 according to an SEC filing. The shares were all acquired as compensation from the company during the period from January 2023 to February 2026.
Thanks to a 147.9% gain in Warner Bros. Discovery stock over the last 52 weeks, those four million shares have gained $66.99 million in value over the last year alone.
Zaslav has been CEO of the company since April 2022, previously serving as CEO of Discovery before that media company was merged with Warner Bros.
The Warner Bros. Discovery CEO was not the only executive to use the open selling window to cash out shares. Chief Financial Officer Gunnar Wiedenfels, Chief Account Officer Lori Locke, Global Streaming President JB Perrette, HR Chief Amy Girdwood, Chief Legal Officer Priya Aiyar, and Chief Revenue & Strategy Officer Bruce Campbell all sold WBD shares, according to a report from Deadline.
What's Next For Zaslav, Warner Bros. Discovery?
The merger could face regulatory hurdles, but it previously received positive commentary from the White House, which could expedite a deal.
Paramount Skydance expects the deal to close in the third quarter of 2026, according to the report.
The shares sold by Zaslav are only a portion of his holdings in the media company. A previous December filing said he had unvested equity awards worth $537 million. That amount was based on Paramount’s previous $ 30-per-share offer, not the revised $ 31-per-share bid.
Zaslav will also receive a bonus, cash severance and benefits if there is a change in who owns Warner Bros. Discovery as part of his contract with the media company.
The Warner Bros. Discovery CEO has been one of the highest-paid executives in the sector for years, and he could end up seeing his net worth rise to $1 billion or more after the merger is completed, according to Variety.
Image via Shutterstock
