David Zaslav Signs Off at Warner Bros. Discovery Ahead of Skydance Merger

David Zaslav bid farewell to Warner Bros. Discovery employees on Monday, October 6's merger eve, in a three-minute video posted to the company's internal portal, telling staff: "For me, it's been a great honor to be alongside all of you."

The message arrives four and a half years after Zaslav closed the debt-heavy deal that created Warner Bros. Discovery. The company is now set to be absorbed by David Ellison's Paramount in a megamerger scheduled to close on October 6, with the combined Ellison-run entity adopting the name Skydance Corp.

Zaslav, president and CEO of Warner Bros. Discovery, recorded the video alone in a director's chair inside the Loft warehouse at Warner Bros. Studios' Ranch facility in Burbank, California. A company source said Zaslav chose video over a text memo in order to capture the visuals — the message cuts to a montage of the company's biggest titles.

The montage includes clips from "The Pitt," "The Lego Movie," "Barbie," "One Battle After Another," "Dune," "Hacks," "Friends," "The House of the Dragon," "White Lotus," "Abbott Elementary," "Sinners," Discovery's Shark Week and "Harry Potter," alongside footage from CNN and WBD's sports programming.

"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," Zaslav says in the video.

What does Zaslav walk away with?

The exit terms are substantial. Zaslav has ranked among the most highly compensated CEOs in the media industry, and in 2025 his pay package totaled $165 million. That figure included a one-time grant of stock options valued at $109.6 million, awarded on June 12, 2025, for his work on a plan to split the company into two publicly traded entities — one housing HBO, HBO Max and the studios business, the other holding the linear TV networks, Discovery+ and other assets. The split never proceeded because of the sale to Paramount Skydance.

When the Paramount-Warner Bros. merger closes, Zaslav is set to receive a "golden parachute" payout of at least $550 million.

What is his financial legacy at WBD?

The Zaslav years brought heavy cost-cutting. He and his lieutenants made job cuts across the company as they worked to reduce costs and improve operating efficiency. The financial picture shifted over his tenure: for full-year 2022, Warner Bros. Discovery posted a pro-forma EBITDA loss of about $2.1 billion. In 2025, it generated an EBITDA profit of $1.4 billion and had been on track for double-digit percentage growth in subscriber-related revenue in 2026.

What did the farewell message say?

In the video, Zaslav framed the empty Burbank warehouse as a metaphor for the company's creative work. "For decades, worlds have been built here," he said. "Sets have gone up, come down and given way to something entirely different."

He praised employees' output across film, television, journalism, sports and games: "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."

The message closed on a forward note. "What's past is prologue," Zaslav said. "The future waits for each and every one of you. For your spirit, your ingenuity, your creativity and your courage."

He ended: "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."

The merger creates a new media giant that — like the 2022 Warner Bros. Discovery deal — carries substantial debt, and it hands the combined company to Ellison's Skydance leadership as the industry's streaming consolidation continues.