A merger between Paramount Skydance (NASDAQ:PSKY) and Warner Bros. Discovery (NASDAQ:WBD) is facing new hurdles. In the backdrop of new worries of the merger being approved, Warner Bros. Discovery CEO David Zaslav is cashing out shares.
David Zaslav Sells WBD Shares
Zaslav is selling shares of the company he leads for the second time this year, cashing in ahead of the highly anticipated merger of two media companies.
Zaslav sold 2.18 million shares for $59.47 million, according to a report from Variety. The report said the sale was part of a pre-planned sales triggered by the WBD stock price and was not due in part to new regulatory hurdles.
Zaslav previously sold $114 million in shares earlier this year, all stock that was acquired as compensation from the company during the period from January 2023 to February 2026.
The Warner Bros CEO is expected to get a massive pay package worth over $500 million if the merger goes through, a move that would take his net worth above $1 billion.
Zaslav was one of the highest-paid CEOs in 2025, with total compensation of $165 million. Zaslav received a base salary of $3 million, with $22.6 million in stock compensation, $25.7 million in cash bonuses and $109.6 million in stock options.
New Hurdles for Paramount Merger
News of the sale by Zaslav comes as the Paramount, Warner Bros. merger could have more hurdles ahead.
A group of 12 states filed an antitrust lawsuit Monday to block the merger, which was previously approved by the U.S. Department of Justice. California Attorney General Rob Bonta is leading the coalition of Democratic attorney generals fighting against the deal.
The main complaint is that the merger violates the Clayton Act by lowering the amount of competition in markets.
"The unlawful merger of these two entertainment behemoths would lead to higher prices, lower quality, and less content for film and television, harming movie theaters, basic cable distributors and ultimately, audiences on every sofa and movie theater seat in the U.S.," Bonta said in a statement on Monday, as reported by Variety.
Paramount CEO David Ellison has promised to release 30 films or more in movie theaters each year.
The deal is also facing pressure for regulatory approval in the U.K.
Several territories, including the U.S. have already approved the deal through regulators.
The latest suit from the state and the pressure in the U.K. could see concessions like spinoffs or sales needed to be completed to help the merger go through.
Originally planned to be approved this year, the merger timeline could be extended as pressure mounts.
Zaslav, with his latest sales, is ready to cash in on the share price of Warner Bros. Discovery with or without a deal.
Image via Shutterstock
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