Warner Bros. Discovery shareholders voted on Tuesday to reject the pay packages for several of the company’s executives, including CEO David Zaslav’s compensation package of more than $50 million.
Nearly 60% of the symbolic vote was against the 2024 executive payouts at Warner Bros. Discovery’s annual meeting, according to a regulatory filing. The vote is non-binding.
Last year, shareholders narrowly approved executive pay, with 53% voting in favor.
Warner Bros. Discovery is the parent company of CNN.
“The Warner Bros. Discovery Board of Directors appreciates the views of all its shareholders and takes the results of the annual advisory vote on executive compensation seriously,” the company’s board said in a statement. “The Compensation Committee of the Board looks forward to continuing its regular practice of engaging in constructive dialogue with our shareholders.”
Zaslav, who has been CEO of Warner Bros. Discovery since 2022, when the company was created by the merger of WarnerMedia and Discovery, Inc., was paid a total of $51.9 million last year, including equity awards and other compensation.
Warner Bros. Discovery’s stock (WBD) declined 7% in 2024, while media competitor Netflix (NFLX) saw its stock gain more than 80% in 2024 and Disney’s stock (DIS) rose 24%.
Netflix’s co-CEOs, Ted Sarandos and Greg Peters, were paid $61.9 million and $60.3 million last year, respectively, while Disney’s Bob Iger was paid $41.1 million.
The broader S&P 500 gained over 23% last year. CNN