David Zaslav Exits Warner Bros. Discovery in Farewell Video

David Zaslav has recorded a farewell video for Warner Bros. Discovery employees ahead of the company's acquisition by Paramount Skydance. The $110 billion deal is expected to close Tuesday, with stockholders receiving a $31-a-share payout.

Zaslav sent the three-minute video message on the eve of the merger. It was posted on Monday on the company’s internal portal. A company representative declined to share the video publicly, stating it is intended for employees only. In the footage, recorded from the Loft on the Warner Bros. lot in Burbank, Zaslav thanked staff for their work in storytelling and content creation. Multiple employees noted the photos in the video heavily featured award shows, red carpets, and movie and TV stars Zaslav interacted with during his time as CEO.

Zaslav said, “I’m so grateful for all these years at Warner Bros.” He thanked employees and celebrated artists and craftspeople who imagined something that didn’t exist and then found a way to bring it to life. Zaslav added, 'For me, it’s been a great honor to be alongside all of you. I hope you take pride in what you’ve built.'

The legacy of Zaslav’s leadership at Warner Bros. Discovery

David Zaslav took over as CEO of Warner Bros. Discovery in 2022. His four-and-a-half-year tenure was defined by a brutal period of cost-cutting aimed at reducing the organization's massive debt, which exceeded $50 billion. A substantial amount of that debt remains and will be absorbed by the new Skydance, which itself carries an $80 billion debt load.

The cost-cutting measures were extensive. Zaslav slashed staff numbers while increasing his own salary. He consolidated Cartoon Network Studios and Warner Bros. Animation. Dozens of animated titles were removed from HBO Max, and the company shut down the Cartoon Network website and the Boomerang streaming service. Hundreds of classic Looney Tunes shorts were among the titles taken down from streaming.

Numerous projects were cancelled. The most controversial decisions involved shelving completed films for a tax write-off. The nearly finished Scoob! Holiday Haunt was shelved in 2022. The completed film Batgirl was also shelved in 2023. Those films cannot be legally released without Warner Bros. repaying the money. Zaslav defended the moves as the right call.

He attempted a similar strategy with Coyote vs. Acme in 2023, despite strong test screenings. That film ultimately escaped Warner Bros. Discovery and was sold to Ketchup Entertainment, which released it theatrically this year to critical acclaim and strong box office performance.

Under Zaslav, the company relaunched its theatrical animation operation as Warner Bros. Pictures Animation, hiring former DreamWorks Animation chief Bill Damaschke to run it. The new slate includes several projects:

The success of this rebuilt animation operation will be decided after Zaslav's departure. He is exiting with a large gold parachute.

The future of Warner Bros. Discovery under Paramount Skydance

The Paramount-Warner Bros. Discovery deal is due to close Tuesday. It comes less than eight months after Zaslav and the WBD board inked a deal to sell the company to David Ellison’s studio. WBD finished its last day as a publicly traded stock at $30.95. The company had previously planned to split in half, separating studios and streaming from cable networks, and later agreed to sell the former to Netflix. Ellison continued to bid for the combined company and was ultimately able to seal the deal.

In his farewell, Zaslav looked to the future for employees. David Zaslav said: "What’s past is prologue. The future waits for each and every one of you. For your spirit, your ingenuity, your creativity and your courage." Warner Bros. Discovery is expected to be acquired by Paramount Skydance, with the deal expected to close Tuesday.