Discovery Communications has extended the contract of president and CEO David Zaslav to the end of the decade.
Zaslav’s new deal lasts until December 31, 2019 and makes him a “significant long-term shareholder”, according to the pay TV channel operator. Zaslav has committed to retaining a majority of that stock across the term of his new contract, the company added.
The executive joined Discovery in January 2007 and took it fully public a year later.
Revenue and profit – especially in the company’s growing international channels business – have grown significantly since then, and last year the firm completed its largest ever acquisition by buying SBS Nordics for around US$1.7 billion. It also bought into Eurosport and has an option to take control of the sports channel.
Discovery director and chairman of Liberty Media and Liberty Global John Malone said: “David has done a superb job. He built a strong management team that has expanded the company’s reach and relevance, increased its market share domestically and around the world, and created a bigger, stronger portfolio of brands. We look forward to working with David to do more of the same over the next six years.”
Zaslav added: “It has been an amazing and successful seven years, and I am excited to have the opportunity to lead this great company for the rest of the decade. With the most creative and dynamic leadership team in the business, a talented and committed workforce, a strong financial position, and an unmatched global platform, I am extraordinarily confident of Discovery’s growth prospects for the years ahead.”
Discovery is currently lining up a new international boss ahead of Mark Hollinger’s departure from the company later this year.
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20 June 2018 @ 12:15:00 UTC