Discovery Inc. said it extended the contract of president and CEO David Zaslav to run through the end of 2023.
The deal comes after Discovery completed its acquisition of Scripps Networks Interactive and its expansion in the world of sports in Europe by making a deal to cover PGA Tour events.
Under the new employement agreement, Zaslav’s base salary stays at $3 million per year, according to documents filed with the SEC. His target bonus will start at its current level of $9 million per year and increase to $22 million in later years. The actual amount of the bonus will be based on performance objectives.
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Zaslav will also be getting stock option grants that if exercised are worth more than 10 million shares over the course of the new contract..
“David has done an extraordinary job over the past decade,” said John Malone, a Discovery director and chairman of Liberty Media Corp. and Liberty Global Inc.
“He is a visionary, a strategic builder and all around great guy. Under David’s leadership, Discovery has scaled new heights becoming the leader in sports across Europe, building the leading global IP portfolio of high quality content, and positioning Discovery for continued global growth. We are lucky to have him," Malone said.
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With his long-term employment Zaslav will be a significant shareholder in Discovery. He has committed to hold the majority of his equity from stock grants to term, aligning his interest with those of other shareholders.
“I am thrilled. Leading Discovery is my dream job,” said Zaslav, who joined Discovery from NBC Cable.
“I would like to thank Discovery’s Board of Directors, fantastic management team, business partners, and all of our passionate superfans around the world for helping to make Discovery the unparalleled company it is today,” Zaslav said. “Together, we are building something special. The new Discovery has the leading IP portfolio of beloved brands in the world, reaching viewers globally on every screen and service. Being at Discovery for the past 11 years has been the privilege of my career. I am confident our brand strength, global platform and marketplace differentiation will ensure that Discovery continues to grow and deliver value to our viewers, partners and shareholders for many years to come.”
