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Business

Discovery extends CEO contract through 2027 after AT&T deal

Discovery extends CEO contract through 2027 after AT&T deal

(Reuters) – Discovery Inc extended Chief Executive Officer David Zaslav’s employment contract through Dec. 31, 2027, as he is expected to lead the proposed new company to be created by combining media assets with AT&T Inc.

Discovery and AT&T, owner of HBO and Warner Bros studios, said on Monday they will form a standalone global entertainment and media business. The enterprise value of the company will be more than $120 billion, carrying $58 billion in debt, including $43 billion from WarnerMedia and $15 billion from Discovery. (https://reut.rs/3eZjyT6)

Discovery said on Tuesday the contract extension for Zaslav, whose previous contract with the company ran through 2023, was made in connection with the agreement between AT&T and Discovery.

Zaslav, who joined Discovery as president and CEO in 2007, played a part in the company’s 2018 acquisition of U.S. cable TV network owner Scripps Networks Interactive.

(Reporting by Tiyashi Datta in Bengaluru and Kenneth Li in New York; Editing by Shinjini Ganguli)

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