Company: WBD
Filing Date: 2025-06-16
Form Type: 8-K
Source: 0001437107-25-000153
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Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-06-16
Form: 8-K
Item: Item 5.02
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On June 12, 2025, Warner Bros. Discovery, Inc. (“we,” “us,” “our,” “ WBD” or the “ Company”) and our wholly-owned subsidiary Discovery Communications, LLC (“ DCL”) entered into employment agreements with David Zaslav, our Chief Executive Officer (“ CEO”), and Gunnar Wiedenfels, our Chief Financial Officer (individually, the “ Zaslav Agreement” and the “ Wiedenfels Agreement,” and collectively, the “ Agreements”).

We entered into the Agreements in connection with our recently announced plans to separate our Streaming & Studios division from our Global Networks division in a tax-free transaction (the “ Separation”), following which the Streaming & Studios division and the Global Networks division will become two publicly traded companies (referred to herein, respectively, as “ Streaming & Studios” and “ Global Networks”). The Zaslav Agreement amends and restates Mr. Zaslav’s prior employment agreement (the “ Prior Agreement”) with certain terms that only become effective upon the Separation, when Mr. Zaslav is anticipated to become the CEO of Streaming & Studios. The Wiedenfels Agreement is contingent upon, and only effective on, the Separation and provides for the terms and conditions of his employment as the CEO of Global Networks after the Separation. The Compensation Committee (“ Committee”) of the Board of Directors (the “ Board”) of the Company approved and recommended to the Board to enter into, and the Board approved such entry into, the Agreements so that we may secure the leadership of Messrs. Zaslav and Wiedenfels through the initial stages of the two new companies. The following summary description of certain provisions of the Agreements does not purport to be complete and is qualified in its entirety by the actual text of the Zaslav Agreement, form of David Zaslav Non-Qualified Stock Option Grant Agreement and Wiedenfels Agreement, which have been filed with this Current Report as Exhibits 10.1, 10.2 and 10.3, respectively, and are incorporated herein by reference.

Zaslav Employment Agreement

Introduction

With respect to the Zaslav Agreement, the Committee took the opportunity to redesign Mr. Zaslav’s compensation package following the effective time of the Separation, which