Warner Bros. Discovery CEO David Zaslav’s $52M pay deal rejected by shareholders

In a striking show of dissent, over 59% of Warner Bros. Discovery shareholders have voted against the proposed 2024 pay packages for top executives, including CEO David Zaslav’s hefty $51.9 million deal. The rejection, though non-binding, sends a strong message at a time when the media giant is grappling with falling revenues, widening losses, and whispers of a corporate breakup.

Why Warner Bros. shareholders are pushing back on executive pay

David’s compensation for 2024 saw a 4% uptick from the previous year, despite the company missing first-quarter revenue estimates and reporting a larger-than-expected loss. The board of directors had advised shareholders to approve the package, but the majority wasn’t convinced. The timing of the vote is critical. Warner Bros. Discovery (WBD) is in the thick of a transition, attempting to shift focus from its declining cable TV operations to its more promising streaming and studio segments. Cord-cutting has significantly eroded the value of its traditional cable business — once the company’s cash cow — prompting urgent strategic pivots.

According to recent reports, WBD is laying the groundwork for a potential sale or spinoff of its underperforming cable assets. This strategic move was signalled back in December 2024 when the company formally announced the separation of its streaming and studio operations from its legacy TV business.

Yet, all isn’t gloomy in the WBD camp. The company added 5.3 million streaming subscribers in the first quarter of 2025, outperforming market expectations thanks to hit titles like HBO’s The White Lotus (Season 3) and medical drama The Pitt.

Even so, WBD continues to trail behind industry leader Netflix, which remains dominant in the global streaming race. Critics argue that lavish executive compensation feels tone-deaf in a company navigating layoffs, restructuring, and an uncertain future. For many shareholders, the pay packet didn’t match performance — especially when the company is still bleeding money and bracing for major changes. The shareholder vote isn’t binding, but it adds pressure on the board to revisit its executive compensation structure. For David and his team, the message is loud and clear: performance — not promises — will drive pay.

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