Warner Bros. Discovery Updates David Zaslav's Employment Agreement Amid Strategic Review

Core Insights - Warner Bros. Discovery (WBD) is undergoing a strategic review process that may lead to a separation, spinoff, or sale of the company, driven by unsolicited interest from multiple parties [2][5] - CEO David Zaslav's employment agreement has been amended to align with the strategic review, ensuring his leadership role remains secure through potential changes [3][4] Group 1: Strategic Review - The Board of Directors has initiated a review of strategic alternatives to maximize shareholder value, considering options for the entire company or separate transactions for Warner Bros. and Discovery Global [2] - The strategic review was prompted by unsolicited interest from various parties, indicating potential acquisition interest in WBD's assets [2][5] Group 2: CEO Employment Agreement - Zaslav's employment agreement has been clarified and amended to ensure his signing options remain outstanding and eligible to vest, regardless of the outcome of the strategic review [3] - The amended contract extends Zaslav's term through 2030 if no deal is finalized by December 31, 2026, maintaining his leadership during the transition [4] - The June employment agreement originally included a significant reduction in Zaslav's target annual compensation, reflecting the company's evolving strategy [4]