Warner Bros. Discovery, Grappling With Debt, Has Room for Bonuses For Executives Who Can Reduce Some

variety.com:

Brian Steinberg Senior TV Editor Warner Bros. Discovery, which is struggling with billions of dollars in debt, is willing to pay more money to executives who might be able to help reduce it.

The owner of HBO, Discovery Channel and Food Network said Monday in a filing with the U.S. Securities and Exchange Commission that it would pay out new rewards to CEO David Zaslav, six senior staffers and an unspecified group of others if they could meet certain goals of new generation of free cash flow. “The changes to the Warner Bros.

Discovery executive compensation program are designed to further incentivize Company employees, including members of its leadership team and others whose efforts are critical to achieving the key near-term financial objectives of increased free cash flow and reduced leverage,” said WBD board chairman Samuel A.

Di Piazza, Jr. in a prepared statement.“The WBD board is confident that these additional incentives offer a more competitive package against the backdrop of ongoing industry-wide transformation and economic headwinds, and better position the company to advance core drivers of shareholder value.” Under the plan, Zaslav, already one of the nation’s highest-paid corporate executives, could receive as much as $35 million in restricted stock tied to certain performance goals.