Warner Bros. Discovery amends CEO Zaslav's employment agreement amid strategic review

Warner Bros. Discovery, Inc.

Board initiated a strategic review of alternatives after unsolicited interest, considering full-company or separate transactions for Warner Bros. and Discovery Global.
Amendment treats a Reverse Spinoff (spinning off Discovery Global) identically to the original Separation for Zaslav's stock options.
If WBD enters a Qualifying Change-in-Control agreement before Dec 31, 2026, Zaslav's signing options remain outstanding and vest eligible.
Employment term extended to Dec 31, 2030 if a Qualifying CIC Agreement is signed before the outside date, securing Zaslav's leadership.
Internal restructuring transactions necessary for strategic alternatives will not trigger accelerated vesting or change-in-control definitions.

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