David Zaslav, the CEO of Warner Bros. Discovery, is selling over $114 million worth of stock, according to an SEC filing. This comes as the company's sale to Paramount is pending, and the cash is starting to flow. Zaslav acquired the shares as part of his compensation between January 2023 and February 2026, and he's not the only one cashing in. Several other top executives, including CFO Gunnar Wiedenfels, Chief Revenue & Strategy Officer Bruce Campbell, and Chief Legal Officer Priya Aiyar, have also sold shares worth seven figures this week. The flood of sales comes as a trading window opened for executives involved in any deal negotiations. Warner Bros. Discovery recently scuppered a deal with Netflix and agreed to sell itself to Paramount after a week of talks and months of unsolicited offers from the David Ellison company. Paramount's latest $31 per share offer was deemed a superior proposal, and Netflix declined to match it, backing away with a $2.8 billion termination fee. The merger is expected to close in the third quarter of this year. Zaslav, who has often been the highest-paid media CEO, will see a windfall when Warner Bros. Discovery is sold. A filing in December detailed potential transaction-related compensation that valued his unvested equity awards at $537 million based on Paramount's previous $30 per share offer. This would be higher at $31. He'll also receive cash severance, a bonus, salary, and benefits as part of his employment agreement with Warner Bros. Discovery if there's a change in control at the company. Warner Bros. Discovery will address Zaslav's compensation in its upcoming proxy statement.
