Skydance has extended the employment contracts of CEO David Ellison, President Andy Gordon, Chief Legal Officer Makan Delrahim and Chief Financial Officer Dennis Cinelli. Ellison and Gordon will serve in their roles through at least Aug. 7. 2031, while Delrahim will serve through Oct. 6, 2031, and Cinelli will serve through Jan. 15, 2032, according to an SEC filing.
Under the terms of the new deals, the four executives will receive an increase to their base salaries and bonuses and restricted stock awards. Ellison’s base salary and target annual bonus have each increased to $5 million and he will receive an RSU of 104,167 shares of Class B common stock.
Meanwhile, Gordon and Delrahim’s salaries have increased to $4 million and Cinelli’s has increased to $3.4 million. This trio’s bonuses have increased to $2.6 million each; Gordon will receive 29,167 RSUs, Delrahim will receive 91,667 shares and Cinelli will receive 6,042 shares.
Starting in calendar year 2027, the four executives will also be eligible to receive annual equity awards with an aggregate grant date value of $5 million, $1.4 million, $4.4 million and $1.25 million, respectively. That will increase to $20 million for Ellison, $13.4 million for Gordon and Delrahim, and $12.5 million for Cinelli in 2031.
The new employment contracts come after the $110 billion Paramount-Warner Bros. Discovery officially closed on Tuesday. Class B shares of the company were also transferred to the New York Stock Exchange under the ticker SKYD.
TheWrap previously reported in May that Ellison would receive $150 million in cash and stock tied to the closing of the Paramount-WBD merger, while Gordon would receive $38 million in cash and stock awards and Delrahim would receive $25 million.
Shares of Skydance closed down nearly 7% on Tuesday at $8.89 apiece.
