Discovery CEO David Zaslav received stock options valued at $190 million as part of the amended employment agreement he signed after Discovery and AT&T agreed to a deal merging AT&T’s WarnerMedia unit with Discovery.
Zaslav was named CEO of the combined company.
Under the new employment contract, details of which were disclosed in an SEC filing Thursday, Zaslav’s salary remains at $3 million per year through the end of 2027, and his target bonus for 2021 remains $22 million.
After 2021 his bonus can exceed the target, capped at 125% of the target amount.
The options give Zaslav the ability to buy about 15 million shares of Discovery stock at prices ranging between the closing price of the day they are granted to 121.55% of the grant date price. The options vest between May 15, 2022 and Dec. 31, 2027.
Zaslav will receive an additional grant of options on Jan. 3, 2022 for 198.132 shares.
He will also be granted annual awards of performance-based restricted stock units from 2022 to 2027.
The contract calls for Zaslav to get four weeks of vacation per year and a car allowance of $1,400 per month. He can also use the company’s aircrate for up to 250 hours for personal use.
Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.
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