Warner Bros. Amends CEO Contract to Protect His Pay in a Sale

Warner Bros. Discovery Inc. amended the contract of Chief Executive Officer David Zaslav to ensure his stock options remain eligible to vest even if the media company is sold.

The change, announced in a regulatory filing Thursday, follows the company’s decision last month to consider strategic options including a possible sale.

Under the change adopted on Nov. 7, Zaslav’s employment term also would be extended to December 2030 under certain conditions. His agreement previously ran through December 2027.

Warner Bros. had been considering splitting its cable networks from its studios and streaming business. It took the larger step of considering ...