What a strategy by Warner Bros Discovery, quite commendable in general. Now, as CEO, anyone would demand good payment, and WBD’s David Zaslav shouldn’t be an exception. But if that is hampering the company, there comes a question: is it worth it?
Let’s talk about the numbers, shall we?
Amidst Warner Bros adapting a gimmicky strategy of cost-cutting, the CEO actually got a major pay rise. David Zaslav was offered an annual package of $49.7 million in 2023, which is a significant hike from his last year’s $39.3 million, a whopping 26.5% rise.
It wasn’t just Zaslav who got major benefits in 2023 at Warner Bros Discovery. Zaslav had a base salary of $3 million, plus stock awards of $23.1 million, a cash bonus of $22 million, and other compensation totaling $1.6 million.
Other senior execs also saw significant pay increases: Wiedenfels earned $17.1 million, Campbell $18.3 million, Perrette $20.1 million, and Zeiler $13.3 million. Amidst all these, Warner Bros shed crocodile tears regarding cost-cutting.
Talking about the real irony now, in 2023, Warner Bros Discovery witnessed declines in its traditional TV and advertising sectors, alongside a 12% drop in studio revenue. However, its direct-to-consumer streaming segment managed to achieve a modest profit. Annual revenue for 2023 stood at $41.3 billion, down 4% from the previous year, with a net loss of $3.13 billion. Stock performance has also faltered, down 29% in 2024.
Despite significant setbacks, WBD maintained its management stance amidst a challenging 2023. The company attributed its struggles to shifts in advertising spending, declining TV viewership, intensified competition from traditional and tech giants, pandemic-related cinema declines, and labor disputes like the WGA and SAG-AFTRA work stoppage.
Blames, blames, and all blames at WBD, despite taking a dip in the numbers, they are paying the management more than extraordinary payment and keeping themselves busy with firings and scrapping of films.
Numerous people lost their jobs at WBD, a plethora of films were scrapped, ending in losses for producers, and firing of actors and other casts, but it didn’t really affect the creed of WBD. Some major projects such as Batwoman and Coyote VS Acme, which is making the fans despise them even more.
https://twitter.com/FireflyAllie/status/1781419367537713602?t=umSqi2LyXUz3dAhyXqIEFQ&s=19
OK, so when workers mess up, they get fired
When CEOs mess up, they get an extra 26% raise to $50M?I say this as a CEO: the "Free market" is not the "free and fair" system business people make it out to be
— Brandon Ginsberg (@bginsberg2) April 19, 2024
This hack needs to go. If you really care about your business, then prioritize the financial health of your employees, not just yourself. This man is toxic to the WB legacy and Hollywood.
— boberts (@Boberts227) April 19, 2024
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