In his first major stock sale since leading the Warner Bros. Discovery merger, CEO David Zaslav has sold approximately $30 million worth of company shares, according to a recent SEC filing.
The transaction, which took place on December 16, involved the sale of 2.564 million shares at an average price of $11.73 per share. The company indicated that the sale was conducted for year-end income tax and gift/estate planning purposes.
Following the transaction, Zaslav maintains direct ownership of 3.45 million shares, valued at over $38 million. He also holds substantial stock options totaling 14.7 million shares that could be exercised within a 60-day window, as detailed in WBD's proxy filing.
The timing of the sale comes as Warner Bros. Discovery recently announced plans to reorganize into two divisions - one focusing on streaming and production studios, and another managing its cable TV portfolio. This restructuring is expected to complete by mid-2025.
The sale represents a small portion of Zaslav's overall holdings in the company. His compensation package for 2023 totaled $49.7 million, including a $3 million base salary, $23.1 million in stock awards, and a $22 million cash bonus.
Zaslav joins other media executives who have recently sold company stock, including Disney CEO Bob Iger, who sold $41 million in shares, and Fox CEO Lachlan Murdoch, who divested approximately $5 million in Fox shares earlier this year.