Warner Bros. Discovery Chief Executive Officer David Zaslav has delivered his final address to employees, issuing a three-minute farewell video posted Monday to the company’s internal intranet just hours before the formal close of the studio’s $110 billion sale to Paramount Skydance.
Speaking from Warner Bros. Studios’ Ranch facility in Burbank, Zaslav reflected on the historical legacy of the Burbank lot and commended the workforce across the company’s film, television, gaming, news, and sports divisions. “It’s been a great honor to be alongside all of you,” Zaslav said in the video, which concluded with a montage of archival photographs highlighting industry premieres, awards ceremonies, and studio talent from his four-and-a-half-year leadership term. “I hope you take pride in what you’ve built, what you’ve created, and the role you’ve played in shaping an extraordinary history. What’s past is prologue. The future waits for each and every one of you.”
The sign-off marks the end of an era that began in April 2022, when Discovery completed its reverse Morris trust merger with AT&T’s WarnerMedia. Zaslav’s tenure was characterized by aggressive cost reductions, corporate restructuring, and tax-related asset write-downs aimed at paring down more than $50 billion in inherited long-term debt. The financial friction ultimately led WBD to evaluate split scenarios and potential asset sales before entering into negotiations with David Ellison’s Paramount Skydance.
The transaction—scheduled to officially close Tuesday—provides WBD shareholders with a payout of $31 per share. The deal also included an equity financing backstop from Larry Ellison alongside a $7 million-per-day ticking fee paid by Paramount after closing was extended past October 1. Zaslav is slated to exit the combined conglomerate with a golden parachute package projected in SEC filings to reach hundreds of millions of dollars in equity and severance payouts.
Following the closing of the acquisition, leadership will transition to the newly consolidated entity led by David Ellison, with Mattel CEO Ynon Kreiz recently announced to join as co-CEO. The merged mega-studio will absorb roughly $80 billion in combined debt as it begins executing on production commitments and behavioral guardrails outlined in its recent antitrust settlement with state regulators.
