Warner Bros. Discovery said Thursday that it has modified the employment contract of its CEO, David Zaslav, as the entertainment company conducts a strategic review of its business.
As part of this process, Zaslav has agreed to modify its non-qualified stock option and tenure agreements, which were originally signed in June.
The company indicated it would extend Zaslav’s deal through December 2030, in the event of a “change in control,” but excluding any sale of Discovery Global or all or substantially all of its assets.
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Warner Bros. Discovery has been considering a variety of options, including a planned separation, a company-wide deal, or separate transactions for its Warner Bros. or Discovery Global businesses, the company said in October.
The initial deadline to submit non-binding first-round offers is Nov. 20, according to a source close to the matter.
Reuters reported that Comcast, Paramount Skydance and Netflix have explored offers to acquire Warner Bros Discovery in whole or in parts.
The company’s shares rose 3% after the market closed.
With information from Reuters
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