Warner Bros. Discovery (WBD) disclosed in an SEC filing on Thursday after the bell that it has amended the employment agreement for CEO David Zaslav amid the planned separation the company is pursuing and the strategic options it is currently exploring.
The filing showed that Zaslav has agreed to amend his tenure and nonqualified stock option agreements, originally entered on June 12, 2025.
The amendment clarifies that in the event the company enters a transaction that would result in a “change in control” before the end of 2026, Zaslav’s employment contract will be extended until December 31, 2030.
The filing also said in the event the company pursues a separation or a reverse spinoff by the end of next year, Zaslav’s employment contract will be extended until December 31, 2030.
“This extension is intended to secure Mr. Zaslav’s leadership of WBD for the same period that we had contracted to have him serve as the Chief Executive Officer of Warner Bros. following aSeparation,” the filing said. “This ensures that, if the Strategic Review leads to our entering into a Qualifying CIC Agreement before the Outside Date, Mr. Zaslav will have the same opportunity to vest in, and incentives from, the Signing Options that he would have received had a Separation been completed in 2026.”
Source: SEC filing