David Zaslav has achieved the title of a film industry titan. His aspirational visualization, depicting himself seated at Jack Warner’s former desk and residing in Robert Evans’ old house, is now a reality.
On Monday, we learned some anticipated news: Warner Bros. Discovery, which came together only three years ago through the merger of Zaslav’s Discovery, Inc. and AT&T’s WarnerMedia, is now being divided again. Zaslav retains control over HBO, HBO Max, Warner Bros. studios (encompassing TV and DC), while his right-hand man, Gunnar Wiedenfels, the CFO of Warner Bros. Discovery, receives the remaining assets – primarily the cable channels. Interestingly, Wiedenfels will also shoulder a significant portion of WBD’s $37 billion debt burden, making him similar to Mark Lazarus in a hypothetical scenario where Versant was heavily indebted.
It’s almost as if Hollywood custom-made this scenario – to Zaslav’s advantage, though ironically enough, he wasn’t in a favorable position during the writers’ guild strike.
In the late 1980s, a former attorney named Zaslav began his career story in the world of Hollywood, serving as president of NBC’s cable, television, and new media distribution divisions. Initially, even he might not have foreseen how the new media department would eventually eat away at the other three divisions over the next three decades. The exact moment when this became clear to Zaslav remains uncertain – it’s something we may never fully understand based on his public statements. During his time at NBC, Zaslav introduced MSNBC and managed cable broadcasts of the Olympics – two ventures that would shape his future endeavors.
2006 saw Zaslav move to Discovery, where he was promoted to CEO for the first time; two years later, he led the company’s initial public offering. Zaslav has always had a penchant for the spotlight. Feeling that the existing Discovery portfolio didn’t meet his grand aspirations, Zaslav introduced new networks such as OWN and ID, and acquired others like HGTV and Food Network through the purchase of Scripps. He also managed to secure the Olympics broadcast rights internationally in 2015.
For approximately 15 years, Zaslav served under the title of Mr. Cable, with guidance from his mentor, John Malone, who was affectionately known as the “Cable Cowboy.” He staunchly upheld the delivery system and the bundle for as long as it seemed feasible, and continued to do so for a few more years beyond that point.
In what regards cable television, Zaslav was like a well-known figure. In 2017, he was honored in the Cable Hall of Fame. Additionally, he became a part of the prestigious Cable TV Pioneers class of 2018. Humorously speaking, that same year, Zaslav essentially surrendered to cable with the launch of Discovery+.
Even Zaslav acknowledged it: streaming had taken over while cable was fading. Yet, it seemed impossible for Discovery+ to keep pace in the fierce streaming competition, which primarily focused on increasing subscribers at that time. However, a man with aspirations of being a mogul — and a corresponding hefty paycheck — yearned for more.
In 2018, AT&T ultimately concluded its long-drawn, costly (over $100 billion) acquisition of Time Warner, which took two years to finalize. However, it only took AT&T three years to change direction and sell off the restructured WarnerMedia, resulting in a significant loss. This scenario seems quite reminiscent…
In 2022, the $43 billion deal merging Warner Bros. and Discovery, under the leadership of Zaslav, was completed. The birth of WBD came with a significant amount of debt, but it also brought advantages. For one, Zaslav, a veteran in Old Hollywood, gained his own legacy movie studio (Warner Bros., which turns 102 this year), along with a full-fledged film lot. He also acquired CNN (and his daughter secured a job as a congressional producer there), an upgrade from his previous liberal cable news channel MSNBC. Additionally, he inherited the prestige of premium TV through HBO, and for a while it seemed like HBO Max could potentially rival Disney+ and Netflix. To top it off, the New York Knicks supporter even gained control over the NBA via Turner. All in all, life was looking pretty good for him.
The remuneration wasn’t meager, quite the contrary. By 2024, Zaslav’s compensation package was estimated to be around $52 million; his earnings for 2023 were approximately $50 million. Even during his tenure at Discovery alone, Zaslav ranked among the highest-earning CEOs in the media sector. Vests from Patagonia aren’t economical purchases.
It’s clear that the shareholders of WBD didn’t see much profitability. Their company’s stocks initially started trading on April 9, 2022 at $42 per share. However, as of now, the value hovers around $10 instead.
What went wrong? Well, the whole plan, basically.
Despite the potential profitability of a direct-to-consumer approach for WBD, it came too late and offered insufficient impact. The film industry has seen its fair share of highs and lows, marked by strikes. Cable, the very platform Zaslav is moving away from in today’s split-and-spin announcement, has only brought difficulties to Warner Bros. Discovery. This was evident in the loss of the NBA and the premature demise of their sports-centric joint venture (with Disney and Fox) Venu, which had already ceased to exist before it even began.
Under Chris Licht’s brief leadership, CNN struggled. The streaming service CNN+ lasted barely a month. Even Zaslav’s public relations faced difficulties: he was seen as embodying Hollywood’s corporate greed when he canceled completed and nearly finished projects for tax deductions. This is particularly worrying when you consider the $50 billion in debt that needs to be repaid in a struggling market.
Essentially, Zaslav decided to depart from his previous position. He’s about to part ways with the struggling cable TV industry, and in the process, he’ll also be shedding a significant portion of WBD’s existing debt. If everything goes smoothly, Zaslav will essentially swap a deteriorating basic-cable package for one of the most dominant brands in television and a top-tier film studio. He was handsomely compensated with hundreds of millions of dollars for this transition.
The Zaslav Prophecy will be completed in mid-2026.
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2025-06-09 21:25