Title: Warner Bros. Discovery CEO Sees Compensation Rise to $49.7 Million in 2023

In a recent regulatory filing, Warner Bros. Discovery (WBD) disclosed the latest compensation details for its top executives. CEO David Zaslav's 2023 compensation package reached a value of $49.7 million, a notable increase from $39.3 million in 2022 following the completion of the Discovery-WarnerMedia merger.

Zaslav's 2023 pay comprised a $3 million salary, over $23 million in stock awards, $22 million in non-equity incentive compensation, and $1.6 million in other compensation, which included security costs. One contributing factor to the rise in compensation was WBD's decision to shift its executive compensation plan to focus on cash flow rather than stock price.

The increase in overall compensation was also influenced by the impact of the Hollywood strikes in 2023, which disrupted productions for several months and led to a rise in WBD's free cash flow. The company's cash flow increased by 86% to $6.2 billion during that period.

Previous year's pay packages for Zaslav showed a significant jump, with a worth of $246.6 million in 2021 compared to $37.7 million in 2020 and $45.8 million in 2019. This substantial increase was due to an employment agreement in May 2021 that extended Zaslav's tenure at the company until the end of 2027. While stock options related to the extension boosted the calculated value of his compensation, they did not result in immediate payouts, as most of the compensation is set to vest over the term of his employment contract.

Warner Bros. Discovery's stock experienced a 20% rise in 2023, while its financial performance exhibited mixed results. Annual revenue decreased by 4% to $41.3 billion, but adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 11% to $10.2 billion.

Apart from Zaslav, the regulatory filing also unveiled the pay details for other top WBD executives. CFO Gunnar Weidenfels received over $17 million, chief revenue and strategy officer Bruce Campbell earned $18.3 million, streaming and games chief JB Perrette saw a compensation of $20.1 million, and international chief Gerhard Zeiler earned $13.3 million. All these figures represented substantial increases compared to the previous year.

The disclosed compensation packages highlight the continued success and growth of Warner Bros. Discovery under David Zaslav's leadership. With a focus on cash flow and resilience amidst industry challenges, the entertainment conglomerate remains a formidable force in the entertainment landscape.