With Skydance officially acquiring Warner Bros. Discovery, CEO David Zaslav has made one last statement to the workers of Warner Bros. Discovery. According to The Hollywood Reporter, Zaslav sent out a company-wide email that contained a three-minute video that functioned as his farewell address.
Speaking from Warner Bros. Studios’ Ranch facility in Burbank, Zaslav reflected on the historical legacy of the Burbank lot and commended the workforce across the company’s film, television, gaming, news, and sports divisions.
“It’s been a great honor to be alongside all of you,” Zaslav said in the video, via Deadline, which concluded with a montage of archival photographs highlighting industry premieres, awards ceremonies, and studio talent from his four-and-a-half-year leadership term. “I hope you take pride in what you’ve built, what you’ve created, and the role you’ve played in shaping an extraordinary history. What’s past is prologue. The future waits for each and every one of you.”
Zaslav concludes the video by saying, “I can’t wait to see what you do in the years ahead. I’m so grateful for all these years at Warner Bros. Discovery, for the wonderful experiences creating content, telling stories and getting to know so many of you. Thank you so much.” Reportedly, however, the general response to Zaslav’s video is anything but gratitude. One executive is reported as saying the video is “so tone deaf”.
As Zaslav prepares to walk away with a payday of up to $800 million, the acquisition of Warner Bros. Discovery threatens to lay off thousands of workers. The attitude around the studio is reportedly one of worry, fear, and anger. Zaslav has long been a controversial figure during his tenure as CEO of Warner Bros. Discovery. In addition to receiving a massive pay bump earlier this year and having sold off $59 million in Warner Bros. Discovery stock as the merger loomed, Zaslav has been criticized for his meddling in the creative side of Warner Bros. Discovery, having shelved multiple projects as a cost-cutting measure.
Batgirl, for example, was completely shelved despite being nearly complete. Other projects were luckier, however, with Coyote vs. Acme scoring a release despite previously being shelved. Zaslav’s tenure will likely be remembered for controversial layoffs, uncertain futures, and questionable financial decisions, including the cut 26% of Warner Bros. Discovery’s workforce in his early years as CEO.
The transaction—scheduled to officially close Tuesday—provides WBD shareholders with a payout of $31 per share. The deal also included an equity financing backstop from Larry Ellison alongside a $7 million-per-day ticking fee paid by Paramount after closing was extended past October 1.
Following the closing of the acquisition, leadership will transition to the newly consolidated entity led by David Ellison, with Mattel CEO Ynon Kreiz recently announced to join as co-CEO. The merged mega-studio will absorb roughly $80 billion in combined debt as it begins executing on production commitments and behavioral guardrails outlined in its recent antitrust settlement with state regulators.
This story contains work by writers Daniel Pacheco and Ryan Kwon.
