Warner Bros. Discovery has tweaked its CEO’s employment contract, granting a bigger pot of restricted stock units but linking them to free cash flow targets. David Zaslav, who is currently entitled…
who is currently entitled to receive annual performance-related restricted stock awards with an initial value of $12 million, could now double the number of shares underlying that if the company meets targets. And he’ll also receive an additional PRSU award valued at$11.5 million.
In an SEC filing today, WBD said it is also setting aside another $27 million worth of PRSUs for top executives and other employees. Free cash flow, the amount a company generates after accounting for all capital expenditures, is a key metric, allowing companies to pay down debt. That’s a major focus for WBD, whose debt stood at nearly $50 million at year end.
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