Debt-ridden mergers, film flops, and strikes upon strikes—it's hard out there for a media mogul. Since he's taken the reigns of Warner Bros. Discovery in April 2022, David Zaslav has been making moves to resurrect the brand's viability in a changing industry—but it remains unclear whether they're for the better or worse. The New York Times Magazine delves into how Zaslav went from corporate law to taking Hollywood by storm, becoming what a GQ writer described as "perhaps the most hated man in Hollywood" (before the article was unceremoniously taken down). Zaslav used a slash-and-burn method to overcome the $56 billion in debt that his company, Discovery, shouldered when purchasing an entertainment juggernaut from AT&T that included Warner Brothers. "You don't make friends," CFO Gunnar Wiedenfels admitted.
Zaslav's tenure started by firing hundreds of employees and canceling millions of dollars worth of programming, some of which was ready to launch. Bad press chased him after he canceled Batgirl, invoked a Hollywood curse by pumping up The Flash (which flopped), gutted Turner Classic Movies, and continued to slash budgets as he spent lavishly on Warner Brothers' 100-year anniversary in Cannes. But when the WGA and SAG strikes began this year, his status as a tycoon earning millions while his company's stock plummeted stood in sharp contrast to those he employed. Even Rep. Alexandria Ocasio-Cortez jumped into the fray in a protest outside WBD's headquarters, asking, "How many private jets does David Zaslav need?" But successes like Barbie and his concessions to bring back writers may help mitigate Zaslav's troubles. Read the full piece here. (Or check out other longforms.)
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