$1.1 Billion for Five Warner Bros. Execs: Who Cashed Out From Paramount Sale
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$1.1 Billion for Five Warner Bros. Execs: Who Cashed Out From Paramount Sale

The sale of Warner Bros. Discovery delivered a windfall for the C-suite of the company, filings with the Securities and Exchange Commission show.

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Former WBD CEO David Zaslav sold shares worth more than $224 million in WBD on conjunction with the acquisition by Paramount, while options that were in the money netted him an additional $381 million or so. That totals over $600 million, not including any cash severance, a tax benefit or other perquisites.

But his top four deputies also sold their shares in the sale, netting more than $500 million between them.

That includes former WBD CFO Gunnar Weidenfels and former chief revenue and strategy officer Bruce Campbell, as well as former international chief Gerhard Zeiler, who is now weighing a move to politics in his native Austria. It also includes JB Perrette, the former CEO of global streaming and games for WBD, who is the only member of the WBD C-suite to make the jump to Skydance where he is co-chair & chief business officer for TV and streaming.

According to Form 4s that each of the executives filed with the SEC, Perrette’s shares and in-the-money options netted him about $157 million, with Campbell netting $129 million, Weidenfels netting $122 million, and Zeiler netting $92 million.

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Those are obviously subject to taxes and withholding, and the options are contingent on vesting. The payouts do not include any cash severance, transaction bonuses or other perks.

Of course, the top five executives at WBD were not the only employees to own equity. Other top executives, including many who made the jump to Skydance, almost certainly held large equity stakes as well, and Zaslav made it a priority to get employees across the company invested in its success.

About half of WBD employees held shares in the company. That means that there are likely other long-time employees who received generous, or at least modest, payouts. The New York Post’s Charlie Gasparino reported that around 500 employees will net at least $1 million, and 1,000 will net at least $500,000.

But with Skydance set to drop the axe on many staffers in the coming months as they consolidate, it may not add up to much in the long run.

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