Warner Bros. Discovery CEO David Zaslav is selling millions in company stock as Paramount Skydance moves to acquire WBD in a deal valued at $111 billion. According to an SEC filing on Monday, Zaslav filed to sell 2.18 million shares worth approximately $59.47 million, triggered by a share price increase to $27.09.
David Zaslav’s Stock Liquidations and Compensation
The recent sale of 2.18 million shares follows a larger divestment in March, where Zaslav filed to sell $114 million in WBD stock. This activity occurs as the company prepares for a leadership transition following the pending Paramount Skydance takeover.
Zaslav’s total compensation has been among the highest in the media industry. An SEC filing detailed his 2025 pay package at $165 million. This figure includes:
- $109.6 million in stock options
- $25.7 million cash bonus
- $22.6 million in stock
- $3 million base salary
Despite these figures, WBD shareholders voted against both the 2025 compensation package and Zaslav’s exit pay. Upon the closing of the Paramount deal, Zaslav is expected to receive a “golden parachute” package that Warner Bros. Discovery estimated this spring to be worth over $500 million. This exit, combined with stock sales, is estimated to push his net worth beyond $1 billion.
Did you know? The Paramount-WBD merger has already been cleared by regulators in 24 jurisdictions, including the U.S. Justice Department, which required no divestitures or concessions.
Legal Challenges to the Paramount Skydance Takeover
The $111 billion acquisition faces a new legal hurdle. On Monday, a coalition of 12 Democratic state attorneys general filed a lawsuit to block the David Ellison-led takeover on antitrust grounds.
Paramount stated it will “vigorously defend the transaction.” The company argued that the lawsuit serves to “shield those dominant streaming platforms like Netflix and technology companies from much-needed competition.”
While the U.S. Justice Department has cleared the path, the deal still awaits regulatory approval in the U.K. Officials there have indicated they are likely to intervene in the process.
The Shift from Netflix to Paramount
The current deal structure is the result of a bidding war for WBD’s assets. In late 2025, Warner Bros. Discovery reached an agreement with Netflix to sell its streaming and studios businesses. However, Netflix withdrew from the bidding in February.
Netflix’s exit occurred after Paramount increased its offer to acquire the entirety of WBD. Paramount currently expects to close the deal in the third quarter of 2026.
Industry Insight: When analyzing media mergers, watch the “golden parachute” clauses. These payouts often trigger significant shareholder pushback, as seen in the symbolic votes against Zaslav’s exit package.
Comparison of WBD Acquisition Bids
| Bidder | Target Assets | Outcome |
|---|---|---|
| Netflix | Streaming & Studios | Withdrew in February |
| Paramount Skydance | Entirety of WBD | Pending (Est. Q3 2026) |
Frequently Asked Questions
How much is David Zaslav selling in stock?
Zaslav filed to sell 2.18 million shares valued at $59.47 million on Monday, following a previous $114 million sale in March.
Why are some state attorneys general suing to block the deal?
A coalition of 12 Democratic state attorneys general are suing on antitrust grounds to prevent the Paramount takeover of Warner Bros. Discovery.
When is the Paramount-WBD deal expected to close?
Paramount expects the transaction to close in the third quarter of 2026, pending regulatory approval in regions including the U.K.
What are your thoughts on the consolidation of major streaming studios? Does a larger entity create better content or just higher subscription fees? Let us know in the comments below or subscribe to our newsletter for more media industry analysis.
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