A majority of Warner Bros Discovery shareholders voted in opposition to the 2024 pay packages of CEO David Zaslav and different prime executives on the media conglomerate’s annual stockholder assembly, a Tuesday regulatory submitting confirmed.
The board of administrators had advisable shareholders to vote in favor of the 2024 govt compensation; nonetheless, greater than 59% of them rejected the proposal on a non-binding foundation.
For 2024, Zaslav’s whole compensation rose 4% from the prior 12 months to $51.9 million.
Warner Bros Discovery has been struggling to stem declines in its cable TV enterprise amid widespread cord-cutting, focusing as an alternative on its faster-growing streaming and studios divisions.
Final month, it missed first-quarter income estimates and posted a larger-than-expected loss.
The corporate can also be transferring in direction of a possible breakup, CNBC reported final month. WBD had laid the groundwork for a potential sale or spinoff of its declining cable TV belongings final December by saying a separation from its streaming and studio operations.
Powered by a robust content material slate, together with the third season of HBO’s “The White Lotus” and the medical drama collection “The Pitt,” WBD added 5.3 million streaming subscribers within the January-March quarter, beating market expectations, however nonetheless far off from streaming business chief Netflix.
The corporate final month additionally walked again on the branding of its streaming service, Max, bringing again the HBO title it dropped two years in the past.
