David Zaslav Called Paramount ‘Inappropriate’ for Proposing a Compensation Package Worth ‘Several Hundred Million Dollars’
Paramount’s first offer to buy Warner Bros. Discovery included a compensation package for WBD’s CEO David Zaslav that was worth “several hundred million dollars,” a SEC filing released on Wednesday revealed. At the time, Zaslav told the WBD board about the offer and informed the Ellison family “it would be inappropriate to discuss any such arrangements at that time.”
The exchanged happened in late September. That first offer to purchase all of Warner Bros. Discovery was a combination of $11.40 per stock in cash and 0.404 of a share of Paramount Skydance Class B common stock for each outstanding share of WBD Common Stock. On Sept. 30, Paramount made its second offer, bumping the amount up to $14.67 in cash and 0.376 of Paramount Skydance share. That bid also offered Zaslav the roles of co-Chief Executive Officer and co-Chairman of the board for the combined company.
On Wednesday, WBD’s board issued a press release and a SEC filing advising the company’s shareholders to ignore Paramount’s all-cash acquisition offer.
More to come …
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