Warner Bros. Discovery CEO David Zaslav is eligible to receive at least $551.5 million in compensation under the media giant’s pending $110 billion merger with Paramount Skydance, according to a new SEC filing on Monday.
The total package includes $34,219,178 in cash, $517,204,781 in equity, $44,195 in “perquisites and benefits.” The cash component includes $6 million in salary severance and $28.2 million in bonus severance. Meanwhile, the equity component includes $443,131,800 in options, 60,867,415 in restricted stock units and 13,205,566 in performance-based restricted stock units.
Additionally, Zaslav is eligible to receive a tax reimbursement, though the actual amount will “significantly decline with the passage of time” under IRS rules depending on when the deal closes.
In addition to Zaslav, WBD chief financial officer Gunnar Wiedenfels is eligible for a total payout of $120 million, chief strategy and revenue officer Bruce Campbell is eligible for $121.5 million, streaming and games chief JB Perrette is eligible for $142 million and international president Gerhard Zeiler is eligible for $82.6 million.
Monday’s filing states that the actual amounts may differ, noting that the estimates are “based on multiple assumptions that may or may not actually occur or be accurate.” For example, the award could be larger in the event that the merger’s “ticking” consideration is paid.