WBD Shareholders Unhappy Over Executive Pay

On June 2, 2025, Warner Bros. Discovery (WBD) shareholders voted against the 2024 compensation packages for CEO David Zaslav and other top executives in a non-binding “say-on-pay” advisory vote during the company’s annual meeting. The vote saw 1.06 billion shares (approximately 59-60%) against the packages, with 724.5 million shares in favor, alongside 5.69 million abstentions and 307.38 million broker non-votes.

David Zaslav

David Zaslav’s 2024 compensation totaled $51.9 million, a 4.4% increase from $49.7 million in 2023, comprising a $3 million base salary, $23.1 million in stock awards, $23.9 million in bonuses, and $1.9 million in other compensation. Other executives’ packages included: CFO Gunnar Wiedenfels at $17 million (flat from 2023), Chief Revenue and Strategy Officer Bruce Campbell at $19.8 million (up 8%), Global Streaming and Games CEO J.B. Perrette at $19.7 million (down 2%), and International President Gerhard Zeiler at $14.8 million (up 11%).

The rejection reflects shareholder dissatisfaction with executive pay amid WBD’s struggles, including a 7% stock decline in 2024 (compared to Netflix’s 80% gain and Disney’s 24% rise) and a 59% drop since the 2022 WarnerMedia-Discovery merger. The company faces challenges in its cable TV business due to cord-cutting, missed Q1 2024 revenue estimates, and a reported larger-than-expected loss, alongside a potential corporate breakup.

On Wednesday, Warner Bros. Discovery has targeted selectively and laid off less than 100 employees in its dwindling linear TV business, according to a report from Variety on Wednesday, citing a source.

The media conglomerate's linear TV business consists of networks that include TNT, TBS, CNN, Food Network, Discovery, TLC, and Turner Classic Movies. The source told Variety that no particular location or network was impacted more than others, and the cuts were part of WBD's ongoing efforts to operate more efficiently.