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CEO reimbursement for 2023 was up 26% year-over-year, while the company’s losses amounted to $3 billion.
By Brooks Barnes
Reporting from Los Angeles
David Zaslav, chief executive of Warner Bros. Discovery, earned $49. 7 million in payouts last year, up 26% from last year, according to a proxy filed Friday with the Securities and Exchange Commission.
It’s not unusual for media executives to get generous salaries. However, Zaslav’s refund for 2023 is notable, as Warner Bros. Discovery is rarely a very accurate portrayal of fitness. Losses totaled $3 billion in 2023, representing an improvement over last year’s $7 billion loss. Revenue fell four percent, largely due to the atrophy of the company’s cable TV business, which includes CNN.
In addition, Warner Bros. Discovery shareholders sent a transparent message about Zaslav at the company’s last annual meeting: He’s too high.
In a non-binding vote on “say about wages,” only 50. 8% of shareholders approved the $39. 3 million paid to him in 2022. An approval rating of less than 70% is “weak support” through ISS, a leading corporate governance firm.
For 2023, Warner Bros. Discovery’s board of directors has adjusted pay formulas for its most sensible executives. The adjustment referred to some bonuses, linking them more to the generation of loose money, useful for the payment of the debt and less to the percentage price of the company. It recently traded at about $8, up from $24 two years ago. )
In terms of loose money, Array Warner Bros. Discovery had an impressive 2023. Free money was $6. 2 billion, up 86% from a year earlier, far more than Wall Street expected. This is partly due to the financial advance of the Also contributing to this situation were the union actions that paralyzed Hollywood for six months, saving production costs.
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