David Zaslav’s Next Chapter Looks Shadowed as Netflix and Paramount Duel Over Warner Bros Acquisition
Just recently, David Zaslav was poised for a co-CEO position via an offer from David Ellison within the Paramount-controlled Warner Bros. Discovery. Before any headlines could settle, Netflix swooped in with an $83 billion deal to acquire Warner Bros. Discovery’s streaming and studio assets. Then Ellison countered with a staggering $108 billion hostile tender for all of Warner Bros. Discovery, potentially reigniting a brutal bidding war.
With fireworks about who will ultimately steer HBO’s future, Zaslav’s own position appears increasingly precarious.
Strained relations and allegations of manipulation are mounting between him and Ellison, casting doubt on the viability of the Paramount Skydance offer for a co-CEO and co-chair role that was floated on November 24 as Paramount seeks to topple the streaming giant. Paramount did not comment when Deadline reached out on Wednesday.
Netflix, too, remained quiet. Representatives for Ted Sarandos and Greg Peters did not respond to requests about Zaslav’s potential role in a Netflix-led Warner Bros. deal.
The Netflix deal is expected to take 12 to 18 months to close. In the meantime, Warner Bros. Discovery intends to proceed with its previously announced plan to split the company into Warner Bros. (streaming and studios) and Discovery Global (linear TV). Zaslav will stay on as WBD CEO until the split, after which he is slated to become CEO of Warner Bros. and will remain in that role until the Netflix acquisition completes.
What happens next?
Sources close to the matter told Deadline that any discussion of future management roles for Zaslav at Netflix has not been on the table.
To at least one observer, the question of Zaslav’s long-term role may be less relevant than the theater surrounding the bid dynamics.
“David may have played his last ace,” a C-suite veteran told Deadline, referring to Zaslav’s apparent bid to steer or oversee Warner Bros. through the sale. The insider envisions a caretaker arrangement at Warner Bros. until a deal closes, followed by Zaslav retreating to his Beverly Hills home and, eventually, the East Coast. The same source criticized Zaslav’s compensation—multi-million-dollar payouts and stock options approved since the WarnerMedia–Discovery merger in 2022—arguing they are excessive given the layoffs and debt tied to the transaction. “You can’t run a studio effectively with that kind of leadership style,” the insider said, noting that the combination of high pay and potential upheaval would reflect poorly on Warner Bros. regardless of who wins.
Beyond compensation, Zaslav’s total pay in 2024 exceeded $50 million, and his newly revised contract could push stock options past $425 million, depending on how aggressively Paramount and Netflix chase the prize.
Efforts to reduce the merger’s debt over the past three years have included significant job cuts at Warner Bros. Discovery and a steep drop in stock value. Despite a strong 2024 box office for titles like Superman, Sinners, Weapons, and Minecraft, the residual debt—from the 2022 merger—left Zaslav and the board with little choice but to pursue a corporate split in 2026. The plan envisions a Warner Bros. side focused on streaming and studios, and a separate Discovery Global that would house CNN and other cable channels, overseen by current Warner Bros. Discovery CFO Gunnar Wiedenfels.
As the process advanced, Paramount placed three bids for Warner Bros. Discovery before the company opened the process to additional bidders. Despite ongoing criticism of his leadership by some, Zaslav has undeniably created a robust auction environment with bidders including Paramount, Netflix, and Comcast.
Details from Ellison’s communications to Warner Bros. Discovery shareholders indicate Paramount has submitted six offers, all of which were rejected. After Paramount pursued a hostile approach once Netflix’s bid took the lead, Warner Bros. Discovery’ s board said on December 8 that it would review Paramount Skydance’s latest offer in light of its agreement with Netflix and would publish a recommendation within ten business days.
Netflix, for its part, declared on December 8 that a deal is in place and that they’re very happy with it.
Warner Bros. Discovery now has eight days to respond to Paramount’s full-cash offer of $30 per share for the entire company. The bid is backed by more than $24 billion in equity commitments from large international investors, including the Public Investment Fund of Saudi Arabia, L’imad Holding Company of Abu Dhabi, the Qatar Investment Authority, and Affinity Partners, with Paramount’s parent Larry Ellison’s money and assurances reportedly handling governance. There are implications tied to political figures who sometimes influence regulatory outcomes, keeping watchers attuned to the possibility of external influence shaping the outcome.
Regardless of the final outcome for Zaslav’s role at Warner Bros. Discovery after the merger, many insiders expect he will stay involved in Hollywood in some capacity.
A seasoned, high-earning executive, Zaslav is likely to secure opportunities—whether by creating his own venture, taking board seats, or pursuing philanthropy—much as industry veteran David Geffen did after similar career moves.
Jill Goldsmith contributed to this report.
