David Zaslav Walks Away From Warner Bros. Discovery With Roughly $1 Billion

David Zaslav is no longer the chief executive of Warner Bros. Discovery, and the question circulating through media circles now is simple: what does a man do after an $81 billion sale and a payday that may total $1 billion?

Zaslav’s exit follows the completion of WBD’s sale, a deal that took months to close after a bidding war and legal challenges, including a settlement with state attorneys general who had raised antitrust objections to the combination with Paramount. The sale ultimately went through, clearing the way for the Ellison family and their partners at Redbird Capital to fold WBD’s marquee assets, CNN, HBO and the Warner studio, into Paramount, which already owns CBS, its streaming service and its own studio.

For Zaslav, the deal marks the end of a four-plus year run atop WBD, a company formed by merging Discovery with the old Warner Media. He inherited a business weighed down by debt and a scattered portfolio of properties. By most accounts he cut that debt, stabilized the company’s finances, and last summer kicked off a bidding war that drove WBD’s stock from around $7 to $31.

His total compensation for that stretch, counting vested options, other stock awards and tax benefits, is reported at approximately $1 billion. He is not alone in benefiting; Zaslav pushed stock ownership broadly across WBD’s ranks, not just among top executives, which reportedly created a number of new millionaires within the company.

No Rush to the Next Job

Despite the scale of the payout, associates say Zaslav, 66, is in no hurry to line up his next role. Asked recently about his plans, he reportedly told someone, “Still roping cattle, off the grid.”

The image of Zaslav on horseback is a stretch for a man known around Manhattan for his fleece vests and his standing breakfast spot, Barney Greengrass. People who know him describe him as a committed workaholic who is unlikely to stay away from deal-making for long, even as he spends time biking in Montana with his family.

Those close to him expect him back in New York before long, possibly partnering with longtime mentor John Malone, the cable industry pioneer, on future deals. There is also talk he could write a book drawing on his career, which included time learning from Malone as well as from Jack Welch during his years as an NBCUniversal executive under General Electric ownership.

Or he might simply take time off. Friends say Zaslav has mentioned needing “more hobbies” beyond running media companies and striking deals. When he’s in New York, he’s known to turn up at Barney Greengrass with a regular breakfast group that includes former Goldman Sachs CEO Lloyd Blankfein, Hollywood figure David Geffen and media executive Barry Diller.

For now, those who know him say Zaslav has the flexibility to do nearly anything he chooses next.