Skydance Bumps Pay, Extends Contracts For Top Execs; New Bonuses For WBD Brass

The newly created Skydance has extended and expanded employment agreements for key corporate executives including CEO David Ellison, President Andrew Brandon-Gordon, CFO Dennis Cinelli and Chief Legal Officer Makan Delrahim.

Also today, Warner Bros. Discovery noted transaction bonuses for several executives as part of the gravy chain triggered by the mega merger of Paramount and WBD.

At Skydance, employment contracts for Ellison and Brandon-Gordon will run through August 7, 2031. For Cinelli and Delrahim, the dates are January 15, 2032, and October 6, 2031, respectively. according to an SEC filing Tuesday.

Annual base salaries for the four increased to $5 million for Ellison; $4 million for Brandon-Gordon and Delramhim, and $3.4 million for Cinelli. Target annual bonuses rose to $5 million for Ellison and $2.6 million for the other three execs.

Starting in 2027, Ellison, Brandon-Gordon, Delrahim and Cinelli will be eligible for annual equity awards with an aggregate grant date value of, respectively, $5 million, $1.4 million, $1.25 million, and $4.4 million. That increases in 2031 to annual awards valued at $20 million for Ellison, $13.4 million for Gordon and Delrahim, and $12.5 million for Cinelli.

The new agreements also grant Ellison, Brandon-Gordon, Cinelli and Delrahim awards of restricted stock units covering, respectively, 104,167, 29,167 26,042 and 91,667 shares of Class B Common Stock.

As reported back in May, Ellison will receive a $50 million cash award and restricted stock units, or RSUs, valued at $100 million set after the company’s merger with Warner Bros. Discovery closes. Brandon-Gordon will receive a cash bonus of $15 million and RSUs valued at $23 million, and Delrahim $12.5 million each in cash and RSUs.

The cash will be paid in a single lump-sum within 30 days following the close — which was earlier today. The RSUs will vest in equal quarterly installments over a five-year period following the close.

As for Warner Bros. Discovery, it unveiled separate bonuses for several outgoing executives that are not part of their general separation agreements, which were unveiled early this year when the deal was announced. Specifically, CFO Gunnar Widenfels and Chief Revenue and Strategy Officer Bruce Campbell will receive $2.14 million and $2.94 million, respectively as a cash-based transaction bonus from a pot established in late 2025 “to recognize and incentivize the contributions of selected key employees” other than Zaslav during the merger process. The payouts were noted in what may be one of WBD’s last SEC filings as it disappears as a corporate entity.

The CEO has his own, larger pot. More on that below.

J.B. Perette, one of the few top Zaslav lieutenants who made the jump to the new Skydance, will also get a transaction bonus award of $2.85 million. All of these awards became vested as of the close and will be paid no later than 60 days following.

Zaslav’s last day is today. Wiedenfels and Campbell depart October 16.

As reported, Zaslav’s payout of a minimum of about $550 million, is composed of $34.2 million in a cash severance and equity valued at $517.2 million, reflecting the aggregate cash value of unvested WBD options, unvested WBD RSUs and unvested WBD PRSUs (restricted stock units and performance restricted stock units). The bucket also includes $44.2 million in perquisites along with a tax reimbursement of up to $334 million. That last item will likely be significantly lower given the timing of the close.

With WBD no more, it’s not clear if or where Zaslav’s final golden parachute number, or his 2026 compensation will be revealed. He’s consistently been among the highest-paid entertainment executives in recent decades.