Warner Bros. Discovery shareholders just rejected CEO David Zaslav's pay package. Wall Street thinks a split-up of the company may be next.

By many measures, Warner Bros. Discovery had a bad 2024. Revenue dropped 4.8% to $39.3 billion. The company posted a staggering $11.5 billion net loss, largely because of a $9.1 billion goodwill impairment charge that reflected the lower valuation of its linear TV networks.

CEO David Zaslav will collect a $51.9 million salary at Warner Bros. Discovery. That comes despite a shareholder vote rejecting the pay package. An advisory firm had suggested shareholders say no citing “inadequate responsiveness and an unmitigated pay-for-performance misalignment.