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Warner Bros Discovery Inc. (NASDAQ:WBD) CEO David Zaslav received $49.7 million as compensation in 2023.
Compensation Soars: Zaslav’s 2023 pay surged, reaching $49.7 million, marking a substantial increase from the previous year.
This compensation uptick occurred during a period of heightened tension within the entertainment sector, with actors and writers advocating for better pay while Warner Bros. implemented significant workforce reductions, reported Bloomberg.
Despite facing challenges such as strikes and job cuts, Warner Bros. managed to exceed cash flow projections by $1 billion in 2023, primarily due to strategic revenue growth and cost-saving measures.
However, Zaslav’s compensation did not directly incorporate this overperformance. Consequently, while the company’s stock soared by 20% during the year, it faced a setback in the latest quarter, resulting in an all-time low.
Zaslav’s compensation, though significantly lower than his 2021 earnings at Discovery Inc., aligns with industry standards for top media executives.
The report further noted that his 2023 earnings are comparable to those of other prominent figures like Netflix Inc.’s (NASDAQ:NFLX) co-CEOs, Ted Sarandos and Greg Peters, who received $49.8 million and $40.1 million, respectively.
Meanwhile, executives like Bob Iger of Walt Disney Co (NYSE:DIS) and Bob Bakish of Paramount Global (NASDAQ:PARA) earned $31.6 million and $31.3 million in 2023, showcasing varied financial performances across entertainment conglomerates.
Price Action: WBD shares are trading higher by 1.02% at $8.395 on the last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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