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David Zaslav—the CEO of CNN’s parent company Warner Bros. Discovery—received a 4% increase in his 2024 pay package, earning $51.9 million. His 2023 pay package was valued at $49.7 million.
According to The Wrap, a WBD regulatory filing showed that Zaslav recieved a $3 million salary, alongside $23.099 million in stock awards, $23.897 million in non-equity incentive plan compensation, and $1.923 million in “other” compensation, which includes security costs for him and his family.
News of Zaslav’s pay increase arrives after CNN saw another round of layoffs earlier this year. The job cuts were part of the network’s larger pivot to a digital strategy. CNN’s linear ratings challenges and the impact of cord-cutting has added to its financial strain.
Since assuming the top role running WBD, Zaslav has seen CNN undergo two leadership changes, multiple rounds of layoffs, the shutting down of CNN+ and HLN, the downsizing of CNN en Español, and the slimming of CNN’s New York presence as it moves production operations back to Atlanta and Washington, D.C.
Under the guidance of CNN CEO Mark Thompson, Zaslav approved an investment of $70 million to facilitate CNN’s digital strategy. In a note to staffers, Thompson said that some of the money will go into product and tech, while also adding that “high-quality journalism and storytelling” will be another source of investment. There are plans to increase staffing levels to meet those new demands.
Last year, WBD announced that CNN and other linear networks are being moved into a new operating division within the company, separating them from the conglomerate’s studios and streaming units.
“Our new corporate structure better aligns our organization and enhances our flexibility with potential future strategic opportunities across an evolving media landscape,” Zaslav said at the time.
The move resembles NBCUniversal’s decision to offload its linear assets into a new company, currently named SpinCo. However, WBD is still retaining its cable channels as they account for much of the company’s revenue.
On Friday, WBD also announced that John Malone will be moving from the company’s board to chair emeritus. In this role, Malone will regularly attend board meetings and provide strategic counsel and support to the Board and management team.
“John possesses one of the most brilliant strategic minds our industry has ever known,” Zaslav said in a statement.
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