David Zaslav’s once-secure hold on Warner Bros. Discovery now looks shaky as the entertainment giant becomes the prize in an unprecedented corporate showdown.
Just weeks after Paramount’s David Ellison offered Zaslav a co-CEO role, the entire landscape shifted when Netflix shocked Hollywood with an $83 billion bid for Warner Bros.’ streaming and studio assets. Ellison quickly fired back with an even bigger $108 billion hostile tender offer for the whole company, sparking a bidding war that could reshape the media world—and Zaslav’s career.
The escalating rivalry has reportedly soured Zaslav’s relationship with Ellison, effectively killing the co-CEO arrangement discussed in November. Paramount has stayed silent on the matter, as has Netflix, whose executives Ted Sarandos and Greg Peters have refused to comment on what role, if any, Zaslav might have in a potential “NetBros” merger.
While the Netflix deal could take up to 18 months to close, WBD plans to split into two entities: Warner Bros. (streaming and studios) and Discovery Global (linear TV). Zaslav will remain WBD’s CEO through the split before transitioning to lead Warner Bros. during the merger process—but his long-term future is anything but certain.
Industry insiders tell Deadline that discussions about Zaslav’s continued leadership at Netflix haven’t taken place—and may never. “David may have played his last card,” one Hollywood executive said, predicting Zaslav will serve as a caretaker until regulatory approvals are finalized, then retreat to his Beverly Hills estate before eventually returning to the East Coast.
Even with WBD’s mounting debt, Zaslav has earned more than $50 million in 2024, with stock options potentially worth over $425 million depending on how the bidding war shakes out. Yet, despite major film hits like Superman, Sinners, and Minecraft, WBD’s massive $40 billion debt forced the board to pursue the 2026 corporate split—mirroring Comcast’s model.
As Paramount and Netflix battle it out, Paramount’s filings reveal Middle Eastern investment backing, including funding from Saudi Arabia’s Public Investment Fund, Abu Dhabi’s L’imad Holding, Qatar Investment Authority, and Jared Kushner’s Affinity Partners. Paramount’s bid, backed by Larry Ellison, has already raised eyebrows in both Washington D.C. and Hollywood, with former President Trump’s connections to several players adding political intrigue.
Despite the turbulence, few believe Zaslav will disappear from Hollywood’s orbit. “He’ll have plenty of money and influence,” one source said. “Maybe he’ll launch his own production company or pivot into philanthropy, like David Geffen. In this town, no one really retires—they just find a new stage.”
