The day after Amedeus’s move to Nove as artistic director, the ‘monster’ increase in the salary of the CEO of Warner Bros Discovery takes center stage,
the owner of Italian TV through Discovery Italia. David Zaslav’s annual compensation increased by almost 27% to $49.7 million in 2023, as reported in the documentation filed with the Securities and Exchange Commission (SEC). The increase in pay was partly linked to the group’s decision to focus more on debt reduction and cash flow.
Warner Bros Discovery reported an 86% increase in free cash flow to $6.16 billion in 2023, largely due to cost reduction during the Hollywood strikes that paralyzed production for months. The company has registered a quarterly loss higher than expected in February ($400 million), due to the decline of cable TV, a weak advertising market and the fallout from the Hollywood strikes.
However, Zaslav received stock awards of $23.1 million in 2023, up from $12 million in 2022. The company’s shares have risen 20% in the past year. While Zaslav’s pay increased from 2022 to nearly $50 million, his 2021 compensation of $246.5 million remains in the record books.