David Warner's Warner Bros. Discovery stock sells for $59.47 million as CEO David Zaslav cashes out ahead of the company's sale to Paramount Skydance.
What happened?
David Zaslav, the CEO of Warner Bros. Discovery, has sold $59.47 million worth of Warner Bros. Discovery stock, according to an SEC filing. This sale is part of Zaslav's cash-out plan ahead of the company's sale to Paramount Skydance.
Why it matters for David Warner
As a key figure in the Warner Bros. Discovery family, David Warner's stock sale is a significant development in the company's sale to Paramount Skydance. The sale is expected to close in the third quarter of 2026, with Zaslav set to walk away with a golden parachute package worth over half a billion dollars.
What comes next?
The sale of Warner Bros. Discovery to Paramount Skydance is still pending regulatory approval in the U.K., where officials have said they are likely to intervene. A coalition of 12 Democratic state attorneys general has also sued to block the deal on antitrust grounds, with Paramount saying it will "vigorously defend the transaction."
David Zaslav's cash-out plan is a result of the company's share price rising 1.9% to $27.09 per share, triggering a preset stock sale. This sale is in addition to the $114 million worth of WBD stock Zaslav filed to sell in March.
In 2025, Zaslav's pay package totaled $165 million, including $3 million base salary, $22.6 million in stock, a $25.7 million cash bonus, and stock options valued at $109.6 million. WBD shareholders voted against Zaslav's exit pay package and his 2025 compensation.
The Paramount-WBD deal has been cleared by regulators in 24 jurisdictions, including the U.S. Justice Department, which did not impose any requirements for divestitures or other concessions on the part of Paramount Skydance.
The stakes are high
The sale of Warner Bros. Discovery to Paramount Skydance is a significant development in the media industry, with Zaslav set to walk away with a golden parachute package worth over half a billion dollars. The deal is still pending regulatory approval in the U.K. and is facing opposition from a coalition of 12 Democratic state attorneys general.
The stakes are high for both Paramount and Warner Bros. Discovery, with the deal expected to close in the third quarter of 2026. The outcome of the deal will have significant implications for the media industry and the future of Warner Bros. Discovery.
A complex web of deals
The sale of Warner Bros. Discovery to Paramount Skydance is just one part of a complex web of deals in the media industry. In late 2025, Warner Bros. Discovery had clinched a deal with Netflix to buy Warner Bros.'s streaming and studios businesses. However, Netflix backed out of the bidding in February after Paramount upped its takeout offer for all of WBD in a deal worth $111 billion.
The Paramount-WBD deal is a significant development in the media industry, with Zaslav set to walk away with a golden parachute package worth over half a billion dollars. The deal is still pending regulatory approval in the U.K. and is facing opposition from a coalition of 12 Democratic state attorneys general.
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