Home / Business and Economy / CEO Sells Millions Amid Merger Lawsuit
CEO Sells Millions Amid Merger Lawsuit
13 Jul
Summary
- David Zaslav sold $114 million in stock in March.
- He plans to sell an additional $59.47 million in shares.
- A lawsuit by 12 state attorneys general seeks to block the merger.
Warner Bros. Discovery CEO David Zaslav continues to divest his stock holdings amidst legal challenges to the company's acquisition by Paramount Skydance. Following sales totaling $114 million in March, Zaslav has filed to sell an additional 2.18 million shares, valued at $59.47 million, as of Monday.
This move occurs as a lawsuit led by California Attorney General Rob Bonta, joined by 11 other state attorneys general, aims to halt the merger. Opponents, including unions and trade organizations, argue the deal could reduce employment opportunities and entertainment options.
The Paramount-Paramount Skydance agreement includes a ticking fee and a $7 billion termination fee if the merger is blocked. Additionally, U.K. culture minister Lisa Nandy is reportedly considering a legal challenge.
Despite the merger's complexities, Warner Bros. Television celebrated success with the Emmy-winning series "The Pitt" and Oscar victories for films like "One Battle After Another" and "Sinners" in 2025. The studio also achieved a record streak of seven consecutive releases opening above $40 million at the box office that year.
However, 2026 has seen a downturn in the film division, with seven consecutive releases failing to surpass $40 million in their opening weekends, including "The Bride!" and "Supergirl." The studio hopes for a strong finish to the year with upcoming releases such as "Digger" and "Dune: Part Three."
