Discovery Communications announced on Wednesday that it has extended CEO David Zaslav’s contract through 2023.
“A dynamic, creative, and passionate leader, David is a builder and an innovator, laser focused on creating value,” Discovery chairman Robert Miron said in a statement. “This multi-year commitment affirms our confidence in David’s leadership, and on behalf of the entire Board of Directors, we are excited for David and his strong management team to drive further success and growth in this next chapter of the new Discovery.”
Zaslav joined Discovery as president and CEO in 2007. The contract extension ensures Zaslav will remain in the role for the next five and a half years.
Earlier this year, Discovery acquired Scripps Networks Interactive, home to brands including HGTV, Food Network, and Travel Channel. Discovery also signed a partnership with the PGA Tour to create a first-of-its kind international golf service, including global television and multi-platform live rights, outside the United States, to all PGA Tour media properties.
“I am thrilled. Leading Discovery is my dream job,” Zaslav said in a statement. “I would like to thank Discovery’s board of directors, fantastic management team, business partners, and all of our passionate superfans around the world for helping to make Discovery the unparalleled company it is today. Together, we are building something special.
“The new Discovery has the leading IP portfolio of beloved brands in the world, reaching viewers globally on every screen and service,” he continued. “Being at Discovery for the past 11 years has been the privilege of my career. I am confident our brand strength, global platform and marketplace differentiation will ensure that Discovery continues to grow and deliver value to our viewers, partners and shareholders for many years to come.”
Zaslav’s new contract is through Dec. 31, 2023. Zaslav has committed to hold the majority of his equity from stock grants to term, furthering the alignment of shareholder and management interests, the company said in a release.
“David has done a masterful job leading and growing Discovery over the last decade. He is a visionary, a strategic builder and all around great guy,” said John Malone, Discovery director and chairman, Liberty Media Corporation and Liberty Global, Inc. “Under David’s leadership, Discovery has scaled new heights becoming the leader in sports across Europe, building the leading global IP portfolio of high quality content, and positioning Discovery for continued global growth. We are lucky to have him.”