Despite Hollywood often being at a standstill for half the year in 2023 due to two strikes, Warner Bros. Discovery CEO David Zaslav saw his take-home pay grow significantly.
Zaslav’s total compensation in 2023 rose 26% year-over-year to $49.7 million, according to a filing Friday Securities and Exchange Commission.
The media giant reported a loss of more $3 billion in 2023. But due to strike-related productions savings, Zaslav was able to claim certain bonuses for reaching free cash flow targets and reducing the company’s debt.
“We also experienced a once-in-a-generation work stoppage in our industry during 2023 as both WGA and SAG-AFTRA went out on strike for several months,” the company’s SEC filing said. “Despite these challenges, the Committee believes our CEO and other NEOs provided exceptional leadership.”
The company’s free cash flow in 2023 increased 86% to $6 billion, from $3.3 billion the prior year.
Zaslav’s total compensation for the year was comprised of a $3 million base salary, $23 million in stock awards, and a $22 million payment in connection with his role in merging WarnerMedia with Discover in 2021, according to the filing. He also received $1.6 million for security and private plane usage.
Where Zaslav’s pay stacks up against other media CEOs
For comparison, Disney CEO Bob Iger’s total pay package was $31.6 million in 2023. Similarly, Paramount Global CEO Bob Bakish earned $31.3 million.
Total compensation for Netflix executives was closer to Zaslav’s. Netflix co-CEOs Ted Sarandos and Greg Peters earned $49.8 million and $40.1 million, respectively.