Discovery Communications has extended president and CEO David Zaslav's contract through the end of the decade.
The move keeps Zaslav running the world's top nonfiction media company through Dec. 31, 2019. Since joining Discovery as CEO in January 2007, Zaslav and team have led a global expansion by doubling the total number of Discovery networks around the world from 100 to nearly 200, growing cumulative subscribers to 2.2 billion, and completing the acquisition of SBS Nordics in 2013.
Discovery's channels are now distributed in more than 220 countries, making it the top international pay-TV programmer in the world.
"David has done a superb job. He built a strong management team that has expanded the company's reach and relevance, increased its market share domestically and around the world, and created a bigger, stronger portfolio of brands. We look forward to working with David to do more of the same over the next six years," said Discovery director John Malone, chairman of Liberty Media Corporation and Liberty Global, Inc.
No terms were disclosed. But the extensionis equity-based, and Zaslav's compensation is aligned with the company's growth and shareholder valuesaid Discovery director Robert Miron.
Since Discovery Communications became a fully public company in 2008, its total market capitalization has increased from $6 billion to more than $30 billion currently. The company's overall profits have tripled, U.S. market share has grown from 5 percent to more than 10 percent, and the company has launched network brands including Investigation Discovery, Velocity, Destination America, and OWN, a joint venture with Oprah Winfrey.
"I want to thank Discovery's visionary Board of Directors, best-in-class management team, our advertising and affiliate partners, and all of the passionate viewers around the world," said Zaslav. "It has been an amazing and successful seven years, and I am excited to have the opportunity to lead this great company for the rest of the decade. With the most creative and dynamic leadership team in the business, a talented and committed workforce, a strong financial position, and an unmatched global platform, I am extraordinarily confident of Discovery's growth prospects for the years ahead."