The day after Amedeus’s appointment as artistic director of Nove, the significant increase in the CEO’s salary at Warner Bros Discovery came into focus. The owner of Italian TV through Discovery Italia, David Zaslav, saw his annual compensation rise by almost 27% to $49.7 million in 2023. This information was reported in documentation filed with the Securities and Exchange Commission (SEC). The increase in pay was attributed partly to the group’s emphasis on debt reduction and cash flow.
Warner Bros Discovery reported an 86% increase in free cash flow to $6.16 billion in 2023, largely due to cost reductions made during the Hollywood strikes that had halted production for several months. However, the company experienced a higher-than-expected quarterly loss in February ($400 million) due to a decline in cable TV, a weak advertising market, and the fallout from the Hollywood strikes.
Despite this, Zaslav received stock awards totaling $23.1 million in 2023, up from $12 million in 2022. The company’s shares had risen by 20% over the past year. Although Zaslav’s pay increased to nearly $50 million in 2023, his compensation in 2021 of $246.5 million remains in the record books.
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