David Zaslav, four and a half years after striking the debt-ridden deal that gave birth to Warner Bros. Discovery, is bidding farewell to the company’s employees as it is set to be swallowed up by David Ellison’s Paramount – to create a media giant saddled with even more debt.
Zaslav, chairman and CEO of Warner Bros. Discovery, on Monday, shared a video with employees expressing gratitude for their hard work and creativity over the years. (The video, viewed by Varietyis available only on WBD’s internal portal.) Zaslav will exit with Paramount and WBD’s megamerger, scheduled to close on October 6, with the new Ellison-led company adopting the name Skydance Corp.
In the video, Zaslav sits alone in a director’s chair in the Warehouse Loft at Warner Bros. Studios’ Ranch. in Burbank, California.
“For me, it was a great honor to be with you,” Zaslav says, speaking to the camera in the 3-minute video. “I hope you are proud of what you have built, what you have created, and the role you have played in creating an extraordinary story.” (Read the transcript of his message below.)
Zaslav’s video includes a montage of Warner Bros.’ greatest hits. Discovery, including clips from “The Pitt,” “The Lego Movie,” “Barbie,” “One Battle After Another,” “Dune,” “Hacks,” “Friends,” “The House of the Dragon,” “White Lotus,” “Abbott Elementary,” “Sinners,” Discovery’s Shark Week and (of course!) “Harry Potter,” as well as footage from CNN and WBD sports programming. According to a company source, Zaslav wanted to share his farewell message as a video rather than a text memo in order to capture the visuals.
“I can’t wait to see what you do in the years to come,” says Zaslav. “I am so grateful for all the years at Warner Bros. Discovery, for the wonderful experiences creating content, telling stories, and getting to know so many of you.”
Zaslav is one of the highest paid CEOs in the media industry. In 2025, his compensation amounted to $165 million. This included a one-time grant of stock options worth $109.6 million, which the company awarded to Zaslav on June 12, 2025, for his work on the proposed split of the company into two publicly traded entities (one housing the HBO business, HBO Max, and WB Studios; the other largely consisting of the linear television network business as well as Discovery+ and other assets). The split of WBD into two companies did not occur due to the company’s agreement to sell to Paramount Skydance.
When the Paramount-Warner Bros. merger. will be finalized, Zaslav should receive a “golden parachute” of at least $550 million.
Over the years, Zaslav and his lieutenants made job cuts across the company to reduce costs and improve operational efficiencies. For the whole of 2022, Warner Bros. Discovery reported a pro forma EBITDA (earnings before interest, taxes, depreciation and amortization) loss of approximately $2.1 billion. In 2025, it generated EBITDA profit of $1.4 billion and is on track to achieve double-digit growth in subscriber revenue growth in 2026.
Here is a transcription of Zaslav’s farewell message:
Hello everyone. I’m here in the picturesque Loft on the Warner Bros lot. in Burbank. To the uninitiated, it might look like an empty room. But people here know what spaces like this can become. For decades, worlds have been built here. The sets went up, down and gave way to something completely different.
If these walls could talk, they would tell stories of extraordinary creativity, craftsmanship and collaboration. They told stories about people who imagined something that didn’t exist and then found a way to bring it to life. The late nights, the early mornings, the commitment to making something the best possible.
This is what you do every day, all over the world. You start with an idea and, through your talent, expertise and a ton of hard work, you turn it into something real. Something that connects with people, stays with them and becomes part of their lives. Over the years, you’ve created countless moments like this. Stories and characters, games and experiences that have become an integral part of our culture. Journalism that helped people understand the world around them. Sports moments that brought people to the edge of their seats and sometimes a front-row seat to history itself.
But none of these moments happened on their own. Behind each of these moments is the work, talent and commitment of everyone who does their part to bring it all to life. And that’s what matters. Honoring the work we’ve been given, doing our part to move it forward, and knowing that the work continues.
For me, it was a great honor to be at your side. I hope you’re proud of what you’ve built, what you’ve created, and the role you’ve played in crafting an extraordinary story.
What has happened is prologue. The future awaits each of you. For your spirit, your ingenuity, your creativity and your courage.
I can’t wait to see what you do in the years to come. I am very grateful for all these years at Warner Bros. Discovery, for the wonderful experiences of creating content, telling stories, and getting to know each other with so many of you. Thank you so much.
Gn entert
