TLDR
- WBD CEO David Zaslav filed to sell 2.18 million WBD stock valued at $59.47 million, triggered by the stock rising 1.9% to $27.09
- This follows a $114 million WBD stock sale in March, bringing his total to over $173 million
- Zaslav’s golden parachute from the Paramount Skydance deal is valued at more than $500 million
- 12 Democratic state attorneys general have filed an antitrust lawsuit to block the Paramount-WBD merger
- Paramount expects to close the WBD deal in Q3 2026, but faces regulatory hurdles in the UK as well
Warner Bros. Discovery CEO David Zaslav has filed to sell another 2.18 million WBD stock, valued at $59.47 million, according to an SEC filing submitted Monday.
The sale was a preset transaction triggered when WBD stock rose 1.9% to $27.09 per share.
Warner Bros. Discovery, Inc., WBD
This comes after Zaslav already sold $114 million worth of WBD stock back in March. Combined, he has now cashed out more than $173 million in stock ahead of his planned exit from the company.
The moves come as the $111 billion Paramount Skydance takeover of Warner Bros. Discovery remains pending.
When the deal closes, Zaslav is set to receive a golden parachute package reportedly worth more than $500 million — pushing his estimated net worth past $1 billion.
His 2025 pay package alone totalled $165 million, including $3 million base salary, a $25.7 million cash bonus, $22.6 million in stock, and stock options valued at $109.6 million. WBD shareholders voted against both his exit package and his 2025 compensation, though those votes were purely symbolic.
Legal Challenges Mount
The same day as Zaslav’s filing, a coalition of 12 Democratic state attorneys general filed an antitrust lawsuit seeking to block the Paramount-WBD merger. California AG Rob Bonta led the action, with 11 other Democrat-controlled states joining.
Opponents of the merger — including the Writers Guild of America, Hollywood Teamsters, and cinema trade groups — argue the deal will reduce film and TV production, cut jobs, and limit content options for consumers.
Paramount has said it will “vigorously defend” the transaction and pushed back, arguing the lawsuit would shield Netflix and big tech from competition.
The merger has cleared regulators in 24 jurisdictions, including the U.S. Justice Department, which signed off without requiring any divestitures.
UK Scrutiny Adds Pressure
The deal still awaits regulatory clearance in the UK, where officials have said they are likely to intervene. UK Culture Minister Lisa Nandy has also signalled she is strongly considering a legal challenge.
Paramount is motivated to close fast. The merger agreement includes a 25-cent-per-share “ticking fee” to WBD stockholders for every quarter after September that the deal remains open, plus a $7 billion termination fee payable to Warner Bros. if the merger is blocked entirely.
Paramount has said it expects to close the deal in Q3 2026.
On the content side, WBD’s film division has struggled in 2026, with seven consecutive releases opening below $40 million, including high-profile misfires “The Bride!” and “Supergirl.” The studio’s top-grossing film of the year is Emerald Fennell’s “Wuthering Heights” at $241.6 million worldwide.
Looking ahead, the studio is banking on Alejandro Iñárritu’s “Digger” in October and “Dune: Part Three” in December to close the year strong.
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