Discovery Inc. CEO David Zaslav's 2021 compensation package is now valued at $246 million, a considerable increase from the $37.7 million he was paid in 2020. Zaslav’s compensation and that of other company executives was revealed in a regulatory filing on Monday, according to The Hollywood Reporter.
Zaslav signed a new contract through the end of 2027 last May that was intended to keep the media executive at the company through the planned merger with AT&T's WarnerMedia.
The merger is expected to be completed by early in the current second quarter, the company says.
Although they did not lead to any immediate payouts, the stock options that Zaslav received related to his contract extension increased the calculated value of his annual compensation package, according to the Reporter.
Much of the compensation will vest over the course of the contract.
In 2018, Zaslav raked in $129.4 million due to stock option awards and other performance-based incentives, however, his 2021 compensation eclipses that figure.
According to the Reporter, Discovery’s stock fell 32% last year, though its financials were generally better.
The company's annual revenue increased 14% to $12.2 billion, while net income dropped 17% to $1 billion. Free cash flow, another metric that indicates if a company can finance its business without external funding, rose 4% to $2.4 billion.
At the time of his contract extension last May, The Wall Street Journal reported the value of the stock options to be approximately $190 million, while Discovery estimated the value at $202 million.
According to the Reporter, stock options give the holder the right to buy a share at a specific conversion price during a specific time frame and are designed to incentivize the holder to concentrate on increasing the stock's value.
If the company's stock price goes above the predetermined conversion price, the holder collects the difference. If the stock's value stays below the conversion price, the holder cannot exercise the options and therefore does not receive any money.
Discovery's compensation disclosures come as the company is finalizing its merger with CNN parent company WarnerMedia, which is expected to close this spring.
The deal will create Warner Bros. Discovery, which will be helmed by Zaslav as CEO and Gunnar Wiedenfels as CFO.
Last November, Zaslav told Deadline that he would take a "hands-on" approach at CNN and other WarnerMedia properties.
CNN President Jeff Zucker resigned in early February after admitting he failed to properly disclose his relationship with CNN chief marketing officer Allison Gollust.
According to CNN's own reporter Brian Stelter, Discovery executives are treating Zucker's abrupt exit as a "fresh start" for the network.
Zaslav is expected to name Zucker's permanent replacement when the merger closes.
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