David Zaslav, Warner Bros Discovery’s CEO (for a few more hours, anyway), has started his goodbyes, thanking employees in a video posted Monday on the company’s internal portal.
“It’s been a great honor to be alongside all of you,” says Zaslav, speaking from Warner Bros. Studios’ Ranch facility in Burbank. “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.”
A rep from WBD declined to share a link to the video, explaining that it is intended for employees only, but Deadline has obtained a transcript. (Read it below.)
The three-minute video features Zaslav sitting in a stiff-backed chair on the Warner lot, with shots of him giving remarks eventually transitioning to a series of still photographs. Multiple employees told Deadline that the photos are weighted toward award shows, red carpets and the movie and TV stars Zaslav interacted with during his tenure.
Watch on Deadline
The CEO, who became an unexpected (and ultimately controversial) Hollywood kingpin with the acquisition of WarnerMedia from AT&T by the much smaller Discovery in April 2022, is exiting with a large gold parachute. The Paramount-WBD deal is due to close Tuesday, less than eight months after Zaslav and the WBD board inked a deal to sell the company to David Ellison’s studio.
After taking the helm, Zaslav bought an L.A. home, had Jack Warner’s old desk moved into his office on the Burbank lot and set about paring down the company’s massive debt of more than $50 billion. A substantial amount of the debt remains and will be absorbed by the new Skydance, whose debt load of $80 billion leaves little room for error as it looks to cut costs and boost streaming profits.
WBD had previously planned to split in half, separating studios and streaming from cable networks, and the company later agreed to sell the former to Netflix. Ellison continued to bid for the combined company and was ultimately able to elbow his way in and seal the deal, which is valued at $110 billion.
It was a rich transaction for WBD stockholders, who will get a $31-a-share payout. (WBD finished its last day as a publicly traded stock at $30.95.) Zaslav in particular stands to reap hundreds of millions from his shepherding of the deal, with the official figure to be disclosed in SEC filings over the coming days.
RELATED: David Zaslav Payout For WBD-Paramount Merger Unveiled
Other sweeteners included a $7-million-a-day ticking fee from Paramount that kicked in October 1 and an equity financing backstop by Larry Ellison.
“I can’t wait to see what you do in the years ahead,” Zaslav says in the video. “I’m so grateful for all these years at Warner Bros. Discovery, for the wonderful experiences creating content, telling stories and getting to know so many of you.”
Here’s the full transcript:
“Hello, everyone. I’m here in the scenic loft on the Warner Bros. lot in Burbank. For 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. Sets have gone up, come down, and given way to something entirely different.
If these walls could talk they’d tell stories about extraordinary creativity, craftsmanship, and collaboration. They’d tell stories about the 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 very best it can be.
That’s what all of you, all around the world, do every day. You start with an idea, and through talent, expertise, and an enormous amount of hard work, 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 just like that. Stories and characters, games and experiences, that became part of our culture. Journalism that helped people understand the world around them. Moments in sports that brought people to the edge of their seats, and at times, a front row seat to history itself.
But none of those moments happened on their own. Behind every one of those moments is the work, talent, and commitment of everyone who does their part to bring it all to life. And that is what matters. Honoring the work that came before us, doing our part to carry it forward, and knowing that the work continues.
For me, it’s been a great honor to be alongside all of you. 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. For your spirit, your ingenuity, your creativity and your courage.I can’t wait to see what you do in the years ahead. I’m so grateful for all these years at Warner Bros. Discovery, for the wonderful experiences creating content, telling stories, and getting to know so many of you. Thank you so much.”
