Latest news with #DavidZaslav
Time of India
3 hours ago
- Entertainment
- Time of India
James Gunn opens up about his favourite DC project which has "not been announced at all"
DC Studios co-CEO has many projects in the pipeline, with his 'Superman' releasing July 11, season 2 of 'Peacemaker' nearly wrapped for an August premiere, and the 'Lanterns' HBO series halfway through filming, reported Variety. Tired of too many ads? go ad free now However, Gunn is also working on a few TV and film projects, which he has not revealed yet. One project in particular, he kept very quiet because he didn't want anyone to steal the idea, Gunn said, "My favourite thing has not been announced at was one thing that I knew about from the very beginning, that when I pitched to David Zaslav what the DCU would be, I pitched to him, but we did not announce in that first meeting because I felt like it was too easy to rip off by another company. And so that's one of the main things. " Gunn said he'll "probably" direct one of his new mystery projects. "Well, I always leave saying I'm going to direct something till I'm actually done with the screenplay, and then I say, 'Yeah, I want to do this.' But it's probably what I will direct. Yeah, probably, to be totally realistic. Yes, probably," he said, reported Variety. The ace director shared that when a well-known actor pitched him a project, he told him he was looking for a "masterpiece." "I told it to one person who came in and pitched something that was an Elseworlds tale," he said. "It was a very, very, very famous movie actor. I said, 'It depends on how the screenplay comes it's a masterpiece, I'll make it, but it has to be a masterpiece.' And he is like, 'I don't know if it's a masterpiece.' He got all funny. He's still working on it, though. He is still trying to do it, so we'll see. Masterpiece might be pushing it, but it's got to be really great. Tired of too many ads? go ad free now " Gunn didn't just tease upcoming movies. He also mentioned another "favourite thing" that's a TV project. "Then there's another TV show that's my favourite thing in all of this, that is hopefully getting made soon," he said. "It's just my favourite thing. And then there's the s--! I don't know what I'm allowed to say or not say, but there are a couple of other movies that are being written, one of which is in pretty good shape, another which is kind of closer to the start, but we feel positive about. And then there's a thing I'm writing, which I think it's okay. ... So what will be the next thing after 'Clayface' is not 100 per cent certain, but it's pretty certain," reported Variety.
Yahoo
17 hours ago
- Business
- Yahoo
David Zaslav will take a pay cut after Warner Bros. Discovery splits up—with a big hit to his bonus
CEO David Zaslav's pay package will be impacted by the upcoming company split. While he will earn less, he has been given options that could let him pocket $150 million if the company hits targets. Zaslav earned $51.9 million last year. The looming split of Warner Bros. Discovery is going to impact CEO David Zaslav's paycheck, in both negative and potentially positive ways. After collecting a pay package of $51.9 million last year, making him one of the highest-paid CEOs in the country, Zaslav is facing cuts in the coming year, reports the Wall Street Journal. Under a new contract offered by the board, he will retain his $3 million annual salary, but his target bonus would fall from $22 million last year to $6 million moving forward (with a cap of $12 million). In addition, he would receive a target of $15.5 million in equity next year, then $7.5 million in following years. Beyond that, though, Zaslav was given options for 21 million shares last week. He's also due to get at least 3 million more shares in January. He will become 40% vested in those over five years, with additional vesting benchmarks happening if the company's stock price increases in three levels over that time by 20% to 65%. Should all of the targets be hit, those options could let him pocket $150 million. The new pay package will kick in only if the split occurs by the end of next year. Zaslav's salary has historically been controversial. Earlier this month, shareholders of Warner Bros. Discovery voted down his compensation package, as well as that of other top executives, in a 'Say on Pay' vote. That vote, however, was symbolic and nonbinding, and the board gave Zaslav his $51.9 million. The media and entertainment giant announced on June 9 that it will separate into two publicly traded companies through a tax-free transaction. Zaslav will lead the streaming and studios company, which will oversee movie properties and the HBO Max streaming service. Gunnar Wiedenfels, who has been CFO since 2022, will become CEO of global networks, which will include cable channel businesses CNN, TNT, TBS, Discovery, and more. Zaslav has been CEO of WBD since 2022. His pay rate is higher than that of several competitors, including Disney's Bob Iger ($41.4 million), Comcast's Brian Roberts ($33.9 million), and SiriusXM's Jennifer Witz ($32.1 million). This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Geek Tyrant
18 hours ago
- Entertainment
- Geek Tyrant
James Gunn Says SGT. ROCK Is Still Marching Forward and Teases Secret Project Project He Feared Would Be Ripped Off — GeekTyrant
Despite reports that Sgt. Rock had been shelved, James Gunn is here to clarify that Easy Company isn't done just yet. In a new interview with Entertainment Weekly, the DC Studios co-head gave an encouraging, though cautious, update on the war-themed project, originally set to be directed by Luca Guadagnino with Colin Farrell attached to star. 'I feel like we're in a pretty good place. We're still moving forward, but it's not going to would Peter want me to say here? ... So it's still moving forward, but, yeah, right now it wasn't exactly where I wanted it to be creatively, and so it needs to change a little bit.' So while the original vision may not survive the reshuffle, Gunn makes it clear that Sgt. Rock hasn't been left for dead. That wasn't all Gunn had to say. When asked if there were other projects cooking behind the scenes, he teased something far more mysterious, something he's been keeping under wraps since the very beginning out of fear another studio (cough Marvel) might try to swipe the concept. 'My favorite thing has not been announced at all. One of the scripts people kind of know about. My script people don't know about. The other script people don't know about. 'So it's mostly stuff people don't know about.... A couple of those things [announced in January 2023] are in pretty good shape in terms of coming up, but there was one thing that I knew about from the very beginning, that when I pitched to David Zaslav what the DCU would be, I pitched to him, but we did not announce in that first meeting because I felt like it was too easy to rip off by another company. And so that's one of the main things.' That's the kind of statement that's going to fire up speculation across the fandom. A brand-new idea, so potent and original that it had to be kept hidden? Sounds like the kind of curveball that could define Gunn's DCU if it delivers. For now, we're left to wait and wonder. But between the resurrection of Sgt. Rock and the tease of a secret weapon still under wraps, Gunn's DC universe is clearly still evolving.
Gizmodo
a day ago
- Business
- Gizmodo
David Zaslav Is Getting a Pay Cut
David Zaslav, the unfortunate CEO of the company formerly known as Warner Bros. Discovery (the company, which was once two separate companies but became one, is splitting up again), has often been accused of being bad at his job and, now, it would appear that the people who pay his salary may agree. A new report from Deadline finds that Zaslav is scheduled to receive a sizable pay cut this year. Citing a recent SEC filing, Deadline notes that a new business agreement will 'significantly reduce his target annual compensation, including lowering his annual cash compensation opportunity and reorienting the total pay mix toward long-term incentives.' This shift will 'foster a stronger alignment with stockholders and incentivize sustained, long-term value creation,' the document says. In 2023, Zaslav's compensation package was boosted substantially from what it had been in 2022. Zaslav received a package worth approximately $50 million. That represented a 26.5 percent increase over the preceding year in which he reportedly made a total of $39.2 million. Those payouts paled in comparison to 2021, when Zaslav technically made $246 million from stock options appended to a new, multi-year employment contract with the company. Now, Zaslav will have his wages slashed and capped, so as to better 'align' them with a 'pay-for-performance' model championed by shareholders, a statement from WBD Board Chair Samuel A. Di Piazza Jr. told Deadline. The outlet expounds on Zaslav's new pay thusly: After the separation, Zaslav will have a contract through December 31, 2030, and a base salary of $3 million a year. His target annual cash bonus opportunity will be reduced to $6 million, with the actual payout based on the achievement of performance goals established by Streaming & Studios' compensation committee. The annual bonus payout is subject to a cap of 200% of the target amount. Zaslav will also qualify for annual equity awards following the separation under the Streaming & Studios company's equity incentive plan. The target value of the awards will be $15.5 million in the first year that Zaslav receives an equity grant from Streaming & Studios and will decline to an annual target value of $7.5 million per year thereafter. Zaslav assumed power at Warner Bros. Discovery immediately after the merger between the two, and his strategy (which has often been criticized by consumers and fans alike) was to begin cutting expenses and projects while overseeing a large number of layoffs. The re-splitting of the company has been mocked quite a bit online, though Zaslav has put a happy spin on the development: 'The cultural significance of this great company and the impactful stories it has brought to life for more than a century have touched countless people all over the world,' he said, in a statement associated with the split. 'It's a treasured legacy we will proudly continue in this next chapter of our celebrated history.'
Yahoo
2 days ago
- Business
- Yahoo
RichCo vs. PoorCo: Not All Spinoffs Are Created Equal
The creation of Warner Bros. Discovery began with the corporate equivalent of sunshine and rainbows. In February 2021, David Zaslav, then the CEO of Discovery Inc., sent AT&T CEO John Stankey an amiable text. The message, which was adorned with both a golf and sunglasses emoji, sparked a series of talks (including secret meetings in a lower Manhattan townhouse) that led to the creation of WBD in 2022. Just three years later, the sunshine and golf has been replaced by cloudy skies, as the company prepares to split itself up. One current employee who works in what will become Gunnar Wiedenfels' global networks company expressed frustration at the news, lamenting that by the time this deal closes next year, the company will have spent an entire decade shuffling ownership from one entity to the next, from AT&T's deal for Time Warner, to the Discovery deal, to now — all while the stock price and cash flow have steadily declined as the cable iceberg melts, and with layoffs and cuts never ending but executive pay rising. More from The Hollywood Reporter HBO Max to Launch in 12 Countries in July as WBD Streamer Closes in on 100 Markets (Exclusive) It's Not You, It's WB: A Brief History of Warners' 21st Century Mergers and Breakups David Zaslav's SpinCo: Warner Bros. Discovery CEO Outlines "Bold Choice" to Split Company Superficially, at least, WBD's maneuver bears a striking resemblance to Comcast's decision to spin off its cable TV channels into Versant, but it is in the details where the two plans diverge. The biggest difference may be reflected in the very first question that Wall Street analysts asked Zaslav on a conference call on the morning of June 9: the debt. Wiedenfels' global networks company will hold a 'majority' of WBD's more than $30 billion in debt, utilizing its cash-flow-rich but slowly melting assets to service that debt. Versant, by contrast, is expected to have minimal debt, so that it can be an opportunistic acquirer (Versant CEO Mark Lazarus has told fellow media execs that he wants his company to be aggressive and expects to be a buyer rather than a seller). 'If you have a portfolio of what's called linear channels, one of the things you're thinking about is, 'Do they have successors in the streaming world?' And if so, how do I get from here to there?' says Integrated Media CEO Jon Miller, who adds that a high debt load could also make the company less attractive as an acquisition target. 'Not every linear channel is going to make it to the streaming world and thrive in the streaming world. So you're going to have to determine what you believe can thrive in the streaming world and make some choices and investments. If you have a lot of debt on top of that, your ability to invest is more limited. And so by necessity, you have to make even fewer choices in terms of what you invest in going forward.' At Zaslav's studios and HBO business, meanwhile, a solid balance sheet and creative portfolio are offset by losing the cash flow from cable TV. While NBCUniversal holds on to cash-flow-rich businesses like NBC and the Universal theme parks in its spinout, WBD is essentially divesting itself of its cash-flow machine in the name of creating a growth business. Comcast noted that Versant will have about $7 billion in cash flow, while what remains of NBCU will have nearly $40 billion in revenue. While WBD has not yet broken down its financials post-transaction, the linear networks comprise a majority of its revenue, giving it a very different economic profile. Zaslav's business, however, could make for a ripe acquisition target, as Wolfe Research's Peter Supino notes. As for Wiedenfels' side of things, 'Global Networks will not be positioned to die, in our view, but will still shrink materially,' Morningstar analyst Matthew Dolgin dryly wrote June 9. 'Some attractive assets, such as U.S. sports rights, the CNN and Discovery streaming properties, and digital assets like Bleacher Report, can mitigate the linear television networks' decline.' And while Versant has a tight bundle of seven cable TV channels and some digital brands like Fandango, the new WBD networks business will have a larger collection of channels, perhaps giving it more runway to operate but also giving it less ability to focus. And while NBCU spent years trimming down its roster of cable channels to only those it thought mattered, WBD has tried to prop up its channels in the service of survival, with a pivot at TruTV into a sports channel just the latest example. 'NBC, they've been really good and active the past couple of years skinny-ing down their program offerings so we don't have to re-up with networks that are of low value,' says Keith Bowen, president of news, programming and business services for the cable company Optimum. And Lazarus, at Versant, has made it a priority to get employees hyped up about being at what he frames as a well-capitalized startup rather than a holding company for a dying industry. In addition to acquiring companies, Lazarus has talked openly about acquiring new sports rights, about building out a programming team to develop and acquire entertainment, about staffing up in news at MSNBC and CNBC, and about a new temporary midtown Manhattan headquarters (located in the building that used to be the home of The New York Times) that he is dubbing 'summer camp.' While the messaging may change, WBD's initial public pitch remained focused on efficiency, rather than opportunity. But there is opportunity in that efficiency, as Bank of America analyst Jessica Reif Ehrlich wrote shortly after the split was announced. 'With Streaming & Studios separated as a standalone public company unburdened by the substantial debt burden, we expect significant investor interest (both public and private) in these highly valuable assets,' she wrote. 'Similarly, as a standalone entity, Global Networks has optionality including asset sales or the potential to become a 'roll up' for other similar assets, likely at attractive valuations and subsequently extract several cost synergies (corporate, advertising sales, etc.) to extend the runway of FCF these assets would yield to service debt over the next several years.' One company that will excite investors, and another that will extract cost synergies to service debt, with any deal a ways away. 'While we view the split of Networks and Streaming & Studios as just the first step to unlock value, a second step may require patience,' Supino writes. The two SpinCos also tell a tale about the future. The first media mogul to broach the idea of spinning off their linear channels was Disney CEO Bob Iger, shortly after rejoining the company in 2022. Disney ultimately opted not to do so, but one wonders whether the company reconsiders in light of what rivals are pursuing. Similar questions are sure to arise as Paramount Global sits in limbo waiting for the Skydance deal to close. The past 30 years of the entertainment business were funded by cable TV cash, but it seems that era is finally coming to an end. The tastemakers gave way to the number crunchers, and now the number crunchers are sending the TV channels off to the vultures. Or, as mogul and dealmaker Barry Diller told THR in a May interview: 'We've gone from a town to a spreadsheet.' The propagators of those spreadsheets are running the show, and have decided that ripping up the businesses they helped forge is the pathway to success. This story appeared in the June 11 issue of The Hollywood Reporter magazine. Click here to subscribe. Best of The Hollywood Reporter How the Warner Brothers Got Their Film Business Started Meet the World Builders: Hollywood's Top Physical Production Executives of 2023 Men in Blazers, Hollywood's Favorite Soccer Podcast, Aims for a Global Empire
