WBD CEO Zaslav sells another $60 million in stock as Paramount merger faces scrutiny

Warner Bros. Discovery CEO David Zaslav is moving to sell another $59.5 million in company stock as the proposed sale of WBD to Paramount Skydance faces a new legal challenge from 12 state attorneys general.

Zaslav filed Monday, July 13, 2026, to sell 2.18 million WBD shares, according to a filing with the Securities and Exchange Commission. The planned transaction follows his sale of about $114 million in company stock in March.

The sales come ahead of Zaslav’s expected departure if Paramount completes its acquisition of Warner Bros. Discovery. He also negotiated an exit package reportedly worth more than $500 million as part of the merger agreement.

Zaslav received compensation valued at $165 million for 2025, including $109 million in stock awards. Warner Bros. Discovery began exploring a sale in September 2025.

Twelve states seek to halt Paramount-Warner Bros. Discovery deal

California Attorney General Rob Bonta filed an antitrust lawsuit Monday seeking to stop the Paramount-WBD transaction. Attorneys general from 11 other Democratic-led states joined the case.

Entertainment unions and industry groups have also opposed the merger, with many claiming the combination could reduce film and television production, eliminate industry jobs and limit choices for theaters and consumers.

Paramount Skydance has been working to complete the acquisition by the end of September. The agreement includes a payment of 25 cents per share to WBD shareholders for each quarter the transaction remains incomplete after that deadline. Paramount would also owe Warner Bros. Discovery a $7 billion termination fee if regulators block the deal.

The proposed merger is also facing scrutiny in the United Kingdom. Culture Secretary Lisa Nandy has indicated the British government could intervene, and the transaction is undergoing a formal regulatory review.

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