Discovery CEO's Compensation Tripled in 2018 to $129 Million

By Benjamin Mullin 

Discovery Inc. Chief Executive David Zaslav received total compensation valued at $129.4 million in 2018, more than three times his compensation the year before, the company said in a securities filing Friday.

The compensation package makes Mr. Zaslav the highest paid U.S. executive of 2018, according to filings so far. His salary in 2018 remained flat at $3 million. The raise is largely the result of a substantial increase in stock-option awards tied to the contract extension Mr. Zaslav signed last year.

That employment agreement runs through 2023. The burst of options grants was accounted for in 2018; his annual compensation for the remainder of his deal will return to levels more consistent with earlier years, a company spokesman said.

The payout came during a year where Mr. Zaslav closed Discovery's $11.9 billion acquisition of Scripps Networks Interactive Inc., parent of HGTV, Food Network and Travel Channel. That merger was aimed at solidifying Discovery's footing among female TV audiences, creating a more balanced advertising profile for the company.

In 2018, revenue grew 54% to $10.5 billion, including the benefit of the Scripps deal. Without the impact of the merger, revenue was up 4% for the year. Shares rose 7% in 2018.

The second-highest paid U.S. executive based on filings so far in 2018 is Robert Iger, the chief executive of Walt Disney Co., who pulled in about $66 million in total compensation, according to a Wall Street Journal analysis of data from MyLogIQ. The median compensation was $12.2 million.

Under the terms of Mr. Zaslav's 2018 employment agreement, his target bonus will be $22 million in 2019 and remain at that level for each subsequent year of the term. The actual bonus he will receive will depend on performance.

Write to Benjamin Mullin at [e-mail]

(END) Dow Jones Newswires

March 22, 2019 17:43 ET (21:43 GMT)

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