Warner Bros. executive leads as the titan of steel amidst evolving media terrain
David Zaslav, the CEO of Warner Bros. Discovery (WBD), has seen notable financial improvement during his tenure, leading the company to return to profitability in Q2 2025. This turnaround was marked by a $1.59 billion net income, a 115.8% increase from a loss a year earlier.
Under Zaslav's leadership, WBD achieved modest revenue growth driven by stronger content and theatrical releases, alongside a significant increase in streaming subscribers, who reached 125.7 million globally. Streaming revenues increased 8%, and subscriber-related revenues were up 10% compared to the prior year quarter. Zaslav has also made progress on reducing WBD's $36 billion debt by $2.7 billion and set ambitious targets of $2.4 billion Studios EBITDA and over 150 million subscribers by 2026.
However, WBD's stock has underperformed recently, with a 5.57% drop in shares against broader market gains over 30 days. Critics point out that before the 2022 merger with Warner Media, Discovery's shareholder returns averaged only 8% annually, lagging competitors like Disney and Netflix, and post-merger, investors lost 18% per year versus a 13% market gain.
Hollywood insiders have expressed some criticism of Zaslav’s approach, possibly due to heavy cost-cutting and less emphasis on creative risks. By contrast, Bob Iger’s tenure at Disney is widely regarded as highly successful, marked by strong brand management, strategic acquisitions, and flourishing streaming growth via Disney+ alongside robust creative output.
Despite these criticisms, Zaslav has managed to gain favour on Wall Street by focusing on clear financial discipline, debt reduction, and scaling streaming subscribers crucial for future recurring revenues. His emphasis on profitability, shareholder returns, and global expansion of HBO Max (including upcoming launches in Europe) appeals to investors prioritizing sustainable cash flow and scale over Hollywood-style creativity or prestige.
In comparison, Bob Iger's stock is up just 27% over the same time period, despite his acclaimed turnaround of Disney. Zaslav's career in media began at NBCUniversal, where he was an acolyte of Jack Welch. Zaslav, also known as Zas, became the head of Discovery in 2022, after acquiring Warner Media from AT&T in a deal valued at $43 billion. The deal contained significant debt, causing shares to dip near penny stock levels last year.
In summary, while Zaslav’s financial stewardship has stabilized and improved Warner Bros. Discovery with investor-focused results, his status and success remain more controversial compared to Iger’s celebrated creative and growth-driven legacy at Disney.
| Aspect | David Zaslav (WBD) | Bob Iger (Disney) | |---------------------------|----------------------------------------------------|-------------------------------------------------------| | Financial Performance | Returned to strong profitability; growing streaming subscribers; debt reduction underway[1][5] | Historically stronger shareholder returns; blockbuster acquisitions and revenue growth | | Stock Market Reaction | Recent underperformance relative to broader benchmarks[1][3] | Generally positive market response during Iger’s peak years | | Industry Perception | Mixed; some Hollywood criticism for cost-focus and creative risks[3] | Widely admired for creative and strategic leadership | | Wall Street Favor | Gains trust via financial discipline and streaming scale[1][5] | Valued for content-driven growth and innovation |
[1] Warner Bros. Discovery Q2 2025 Earnings Report [2] Wall Street Journal, "Warner Bros. Discovery Stock Plunges After Earnings Report" [3] Variety, "Warner Bros. Discovery's David Zaslav Faces Hollywood Backlash" [4] The Hollywood Reporter, "Warner Bros. Discovery CEO David Zaslav's $265 Million Pay Package" [5] Deadline, "Warner Bros. Discovery Q2 2025 Earnings: Streaming Subscriber Gains, Debt Reduction, and More"
- David Zaslav, the CEO of Warner Bros. Discovery (WBD), has focused on financial discipline and debt reduction as part of his plan to achieve growth and increase profitability, as shown in the Q2 2025 earnings report.
- While Zaslav's efforts have resulted in a return to strong profitability and growing streaming subscribers for WBD, their stock has underperformed recently compared to broader market gains over 30 days.
- In contrast, Bob Iger's tenure at Disney has been marked by broader acclaim, with a history of exceptional shareholder returns, blockbuster acquisitions, and impressive revenue growth.
- Hollywood insiders have expressed some criticism of Zaslav’s approach, possibly due to heavy cost-cutting and less emphasis on creative risks, in comparison to the praised creative and strategic leadership of Bob Iger at Disney.
- Despite the mixed industry perception and recent stock underperformance, Zaslav's focus on financial discipline, streaming subscribers, and global expansion of HBO Max appeals to investors prioritizing sustainable cash flow and scale over Hollywood-style creativity or prestige.
