Zaslav Set to Pocket $700M from Warner Bros-Paramount Deal

0:00This is Cory with the story, keeping Sydney in the know. You're listening to Sydney News today. Warner Bros. Chief Executive David Zoslav stands to pocket more than $700 million from the studio's sale to rival Paramount. The deal values Warner Bros. at $83 billion. A big jump from its low point when shares traded at just $10 each a year ago. Paramount, backed by Oracle billionaire Larry Ellison, swooped in with a better offer after an initial agreement with Netflix fell through. Details from regulatory filing shows Zoslav could get $517 million for unvested shares, $34.2 million. Dollars in severance, $44 million in benefits, and $116 million for bested shares. Tax reimbursements might add another $335 million, though that could shrink or vanish depending on when the deal closes. The payout has already stirred backlash in Hollywood, where workers fear massive job cuts as Paramount aims for $6 billion in savings.

1:01Zoslav's past pay has drawn fire too, including $250 million in stock awards back in 2021 and 52. Million dollar package shareholders rejected for last year. Other top executives are in line for big checks as well, like streaming head JB Peret with $142 million in finance chief. Gunner Widenfells with $120 million. Warner Brothers also faces nearly $200 million in advisor fees to firms like Allen & Company and JP Morgan. Shareholders will vote on the takeover next month, with more paid details coming at the annual meeting this summer. Meanwhile, Warner Brothers celebrated a strong year, grabbing a record 11 Oscars for films like One Battle After Another, Centers and Weapons. This story is shared with support from our sponsor. It is a pillow that plays your podcasts and music without earbuds. Built for listening in bed, S-O-L-I-S-O-L-Pillow.com. Made in AI.