David Zaslav just delivered a masterclass in corporate failure by announcing the breakup of Warner Bros. Discovery—the same company he spent $43 billion assembling just three years ago as his "rendezvous with destiny."That destiny turned out to be financial purgatory. Warner Bros. Discovery shares have cratered nearly 60% since the 2022 merger, incinerating tens of billions in shareholder wealth while Zaslav collected $141 million in compensation for the privilege of presiding over this spectacular value destruction. Now the CEO wants to split his streaming assets from declining cable networks, conveniently sticking the latter with most of the $34 billion debt hangover.
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