David Zaslav, the chief executive of Warner Bros Discovery, is in line for a $700m (£525m) payday from the $110bn sale of the Hollywood studio to Paramount Skydance.
Zaslav could receive $34.2m in cash severance payments, $115.8m in vested stock and $517.2m in unvested share awards once the deal is complete, according to a filing from Warner Bros Discovery on Monday.
The chief executive of the studio is also expecting tax reimbursements of up to $335.4m.
The value of the payout, which was calculated on 11 March, will decrease over time if the deal takes longer to close and more shares vest. If the sale of the company gets pushed to 2027, the tax reimbursement would be zero, although Paramount has said it expects the deal to complete in the third quarter of this year.
Zaslav, who is one of the best-paid executives in Hollywood, has already made $113m after selling shares in WBD this month.
Although Zaslav was widely criticised for his management of Warner Bros, which was created in 2022 through the merger of WarnerMedia and Discovery Inc, the value of his performance awards grew rapidly after the company became a takeover target.
Netflix struck a $82.7bn deal to buy Warner Bros in December 2025, but ultimately walked away, leaving Paramount the winner in the bidding war. The deal is funded by $47bn in equity and backed by the family of chief executive David Ellison, the son of Oracle founder Larry Ellison.
Paramount’s final acquisition price represents a nearly 150% premium compared with the Warner Bros share price in early September, before reports emerged that the business could be an acquisition target.
Zaslav’s possible huge payday comes even as analysts predict that Paramount will soon begin to cut jobs from its combined studios, TV and news operations.
On Sunday, WBD – which is behind the films Sinners and One Battle After Another – won 11 Oscars at the 98th Academy Awards, a tie for most wins with MGM’s record in 1959, Paramount in 1997 and New Line Cinema in 2003. The studio received 30 nominations overall.
The deal with Paramount has already secured antitrust approval from the US Department of Justice, although it is possible that one of more US state attorneys general could sue to block the deal, which could put the matter in front of a judge. It will also need approvals from antitrust officials in the UK and Europe.
A spokesperson for Warner Bros Discovery declined to comment.
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