Warner Bros. Discovery CEO cashes in $21.7 million as Paramount deal stalls
Warner Bros. Discovery chief David Zaslav sold about $21.7 million of company stock through a pre-arranged trading plan while the merger with Paramount Skydance remains delayed by an antitrust suit.
Since Warner Bros. Discovery agreed to be acquired by David Ellison’s Paramount Skydance, CEO David Zaslav has off-loaded more than $195 million of company shares. The most recent sale, handled by Fidelity Brokerage Services, comprised 773,173 shares worth $21,655,292 and was carried out under a Rule 10b5-1 arrangement established on March 12, 2026, with a termination date of August 14, 2026.
Earlier this year Zaslav sold $59.47 million in July and $114 million in March. The merger is currently blocked by a antitrust lawsuit filed by twelve state attorneys general, which is set for trial in March 2027, and Paramount is weighing a move out of California to cut costs if settlement talks fail. The deal also triggers a daily $7 million fee to Warner Bros.
Discovery shareholders starting October 1. Should the transaction close, Zaslav would collect a “golden parachute” of at least $550 million, adding to his already high compensation record.
Why it matters
The executive's stock sales and pending merger affect shareholder value and the future structure of two major media companies.
How this story developed
- Aug 4 Paramount chief David Ellison seen at Disneyland amid Warner Bros. antitrust fight
- Aug 6 The United Kingdom has approved Paramount Skydance’s $111 billion acquisition of Warner Bros., finding no competition concerns and opting not to issue a public-interest intervention.
- Aug 6 UK regulators granted approval even as antitrust lawsuits proceed in the United States.
- Aug 7 A federal judge dismissed a consumer antitrust lawsuit against the merger.
- Aug 9 A US state‑led antitrust lawsuit set a trial date for March 2027.
- Aug 11 Paramount's board approved a plan to relocate the studio if Attorney General Rob Bonta does not negotiate a settlement by Oct. 1.
- Aug 12 Bonta publicly labeled the relocation threat as blackmail.
- Aug 12 Writers Guild of America publicly condemned Ellison’s relocation threat.
- Aug 12 California’s governor privately recommended settling the antitrust case instead of seeking an injunction.
- Aug 13 The Directors Guild of America and IATSE publicly urged a settlement of the antitrust lawsuit.
- Aug 13 The DGA and IATSE issued a nine‑point letter outlining settlement conditions for the Paramount‑Warner merger case.
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