Warner Bros. Discovery To Boost CEO David Zaslav’s Stock Bonus Based On Free Cash Flow

Tatiana Siegel One year after the slap that shook the industry, Will Smith is getting ready to return to acting. While the “Men in Black” star has kept a mostly low profile in the 12 months since slapping presenter Chris Rock at last year’s Oscars ceremony, he is now prepping for his first acting gig since the incident that sparked headlines around the world and a still-simmering news cycle. Sources say Smith is looking to reestablish his commercial bona fides and is poised to shoot Sony’s “Bad Boys 4“ and Netflix’s “Fast and Loose” back to back. That strategy would mark a pivot from his last two movies — Warner Bros.’ “King Richard” and Apple’s “Emancipation” — which were viewed as awards-season plays rather than studio tentpoles. Although “King Richard” drummed up moderate box-office business ($39 million worldwide), it earned less than Smith’s ultimate payday including back-end ($40 million). Smith’s paycheck ballooned after Warner Bros. decided to release “King Richard” in theaters at the same time it debuted on HBO Max, with the studio opting to give the star his full bonus as a make-good for the change in distribution plans.

Late last month, news broke that Warner Bros. Pictures had a new multi-year deal in place with Embracer Group‘s Middle-Earth Enterprises for New Line Cinema to make more “The Lord Of The Rings” movies.

which first reported the news, “in her new role, Imperato Stabile will lead the division responsible for all aspects of the Warner Bros.

Brian Steinberg Senior TV Editor Nexstar Media has spent months assembling a massive roster of TV stations; acquring TV’s CW network; and building the NewsNation cable-news oulet. Now comes the hard part: Getting Madison Avenue to buy ads across all of it. The nation’s largest owner of local TV outlets is ready to make its pitch to advertisers and has already scheduled a presentation for media buyers in New York for April 25. The goal, says Michael Strober, the company’s chief revenue officer, is to showcase the company’s reach among both national and local media. “We can bring local and national to our clients in ways that have never been replicated across the country,” he says in an interview. “The CW, NewsNation, TheHill, Nexstar Digital and over 200 local stations — that to me is our differentiator in the marketplace.”

Thanks to “Scream,” “X,” “Wednesday,” and “Scream VI,” Jenna Ortega is now the scream queen of Hollywood’s new generation.

Jenna Ortega may be ready to reunite with Tim Burton on his next project as sources confirm to Deadline that Ortega is in early talks to reunite with the Wednesday creator on Beetlejuice 2 at Warner Bros. Insiders add that Michael Keaton and Wyonna Ryder are expected to reprise their roles with Burton directing.

Bloomberg reported on Thursday and TheWrap independently confirmed.The name change is meant to signal that the service will not just be HBO Max with Discovery content, nor will HBO Max be ported over to Discovery+. “Max” is the leading contender, though Warner Bros.

Warner Bros. Discovery is continuing its directors program after all.

Charna Flam After the recent decision to reshape its directors’ training program, Warner Bros. Discovery (WBD) announced its new Access Directors Program. WBD has rebranded and expanded the directors’ program to assist and nurture television directors through workshops and shadowing, led by WBD’s Diversity, Equity, and Inclusion (DEI) team. Participants will receive the opportunity to direct a full WBD television episode. In addition to workshops, directors will have the chance to work on WBD shows and participate in a virtual curriculum focused on best practices and equity mindset sessions, with the ability to shadow directors on up to two television episodes (during which participants may receive a small childcare stipend).

Oscar nom afterglow for this year’s Best Pictures was largely felt in the home than it was at the box office with a majority of titles already available to be viewed on the couch, except for 20th Century Studios/Disney’s 3D title Avatar: The Water.

Jennifer Maas TV Business Writer Never fear, genre fans: Warner Bros. Discovery is intent on mining as much of its tentpole Warner Bros. IP as possible in the near future, whether that be through its upcoming revamped DC Universe, the newly announced “The Lord of the Rings” movies, or more projects based on J.K. Rowling’s “Harry Potter” franchise amid the success of video game “Hogwarts Legacy.” “DC is an enormous opportunity and two important building blocks are in place now with the leadership team, Peter [Safran] and James [Gunn], and James has been breathing comics for as long as he’s been alive, essentially,” Warner Bros. Discovery CFO Gunnar Wiedenfels said during a panel at Morgan Stanley’s investor conference Wednesday. “A great creative leader here. And the second building block that is in place is the one-company approach, because I think you can only manage a franchise if everything is coordinated and the team is working together extremely well. There’s an enormous level of collaboration and joint decision making around what should work hand in hand across the franchise.”

David Chase has set his next series at FX with Hannah Fidell with Chase and Fidell attached as creators and co-writers.The series, which is in development with a pilot commitment, is based on a previously unproduced script by “The Sopranos” director featuring a contemporary take by Fidell.Fidell is set to direct the pilot with FX Productions producing the pilot. Chase, Fidell and Chase Films’ Nicole Lambert will serve as executive producers.In addition to creating HBO drama series “The Sopranos,” which collected 21 Emmys through its time on air, Chase also created “Rockford Files” and “Kolchak: The Night Stalker” and made his feature film debut with “Not Fade Away.” “The Many Saints of Newark,” the feature film prequel to “The Sopranos” was released in 2021 by Warner Bros.Currently under a first look film and television deal with Warner Bros.

Joe Otterson TV Reporter David Chase and Hannah Fidell are teaming on a new show at FX that the network has given a pilot commitment, Variety has learned. According to FX, the untitled series is based on one of Chase’s previously unproduced scripts of which Fidell has written a contemporary take. Further plot details are being kept under wraps. Chase and Fidell are both credited as co-writers and co-creators on the show as well as executive producers. Fidell will direct the pilot. Nicole Lambert of Chase Films will also executive produce, with FX Productions producing. Fidell is currently under a first-look deal at FX.

Cynthia Littleton Business Editor Paramount Global is unveiling today a corporate image campaign that builds on the sentiment of a popular self-help affirmation: You are loved, and you are enough. Just in time for media upfront season, the company’s “Popular is Paramount” marketing push is designed to burnish its image within Hollywood and on Wall Street. Paramount Global CEO Bob Bakish wants the town and the Street to know that the company is fielding a new generation of hits – from “Top Gun: Maverick” to “Yellowstone” to “Paw Patrol” — and is not intimidated by having to compete against larger rivals such as Disney, Warner Bros. Discovery and Comcast. The campaign will include with outdoor advertising in highly trafficked corridors of New York and Los Angeles, as well as on digital and TV platforms, both on and off Paramount’s own air.

13D and 13G reports. For those outside of the inside-baseball world of corporate finance: Forty-five days out from the end of the year, companies are required to have filed 13D and 13G disclosure forms with the Securities and Exchange Commission. These reports are required for investors who amass 5% or more of a company’s total stock issue. Starting with this primer on how to monitor big-dollar investment bets, Variety will offer a quarterly survey of how the media and entertainment sector is faring among the world’s most sophisticated stock pickers.

Elon Musk prodded advertisers “to use Twitter yourselves, and believe what you see on Twitter, not what you read in the newspapers.”

Todd Spangler NY Digital Editor Elon Musk, who acquired Twitter in a $44 billion, debt-laden deal a little over four months ago, said advertising revenue has dropped as much as 50% since he took over. But the mega-billionaire tech mogul said a few large advertisers have continued to spend with Twitter, and he specifically called out — and thanked — Disney and Apple as remaining two of the biggest marketers on the social network, speaking Tuesday at the 2023 Morgan Stanley Technology, Media and Telecom Conference in San Francisco. According to Musk, Twitter is improving its ability to serve timely and relevant ads. He said he was speaking with David Zaslav, CEO of Warner Bros. Discovery, who asked Musk why Twitter couldn’t put an ad with the trailer for HBO hit show “The White Lotus” next to every tweet that mentions “White Lotus.” Musk responded affirmatively, describing it as basic keyword-based ad buys that Twitter is now selling: “It’s just Google AdWords but applied to tweets.”

Nicolas Cage has provided a concise reason why he “doesn’t need” to be in the Marvel Cinematic Universe.The actor discussed the current state of superhero movies while accepting the Variety Legend & Groundbreaker Award at the Miami Film Festival on Sunday (March 5).“I’ve gotta be nice about Marvel movies, because I named myself after a Stan Lee character named Luke Cage,” the actor said (via Variety). “What am I going to do, put Marvel movies down? Stan Lee is my surrealistic father. He named me.”He added: “I understand what the frustration is.

Nick Vivarelli International Correspondent Middle East satellite and streaming platform OSN Group has extended its relationship with Warner Bros. Discovery forging a new multi-year licensing deal under which it will become the exclusive home for HBO content in the region. In addition to HBO shows, such as “Succession,” the renewed agreement has been expanded to cover additional content and channel offerings from Warner Bros. giving OSN premium access to recent blockbuster movie hits such as “The Batman,” “Dune,” “The Matrix Resurrections,” and “The Suicide Squad.” The deal was announced in Dubai with “Succession” star Brian Cox on hand.

Patrick Frater Asia Bureau Chief Warner Bros. Discovery and Japan’s U-Next have announced an extension of their relationship with a renewed deal to supply content to the SVOD platform. The agreement sees U-Next continue as the streaming home of HBO in Japan. Featuring exclusive content rights for HBO, HBO Original and HBO Max Original series, the strengthened agreement includes: current and future seasons of HBO’s “House of the Dragon,” “The Last of Us” and “Succession” as well as returning HBO Original and HBO Max Original series “True Detective: Night Country,” “Winning Time: The Rise of the Lakers Dynasty” and “And Just Like That…”

EXCLUSIVE: As his directorial debut Creed III was cresting toward a $100 million global opening weekend and setting numerous records — top opening for the Creed franchise and biggest sports film opening ever and a knockout victory for MGM, new parent Amazon & United Artists Releasing as the company embraces the theatrical release, and Warner Bros (which launched the film overseas) — Michael B. Jordan sat down with me Sunday night as those numbers were piling higher. It was the first in person interview for us since I met him and Ryan Coogler at Cannes for the launch of Fruitvale Station. Trying to rebound from my own family tragedy months earlier, that film was cathartic for me because it was the first time I grieved the death of my father in Hurricane Sandy. I shared that with them, and spent a lot of time with both, and especially Jordan. He was just stepping into stardom and we talked about everything from navigating such a famous name to how much he was obliged to give of himself in interviews and in public. This was at a surreal moment when he was still a little uneasy walking down the Croisette and hearing a person or two calling out “Where’s Wallace,” the meme line about his young character from the series The Wire. I recall walking away from Coogler and Jordan hoping they continued to make strong followup creative choices because all the potential was there. Who knew it might happen so quickly for each of them?

EXCLUSIVE: As his directorial debut Creed III was cresting toward a $100 million global opening weekend and setting numerous records — top opening for the Creed franchise and biggest sports film opening ever and a knockout victory for MGM, new parent Amazon & United Artists Releasing as the company embraces the theatrical release, and Warner Bros (which launched the film overseas) — Michael B. Jordan sat down with me Sunday night as those numbers were piling higher. It was the first in person interview for us since I met him and Ryan Coogler at Cannes for the launch of Fruitvale Station. Trying to rebound from my own family tragedy months earlier, that film was cathartic for me because it was the first time I grieved the death of my father in Hurricane Sandy. I shared that with them, and spent a lot of time with both, and especially Jordan. He was just stepping into stardom and we talked about everything from navigating such a famous name to how much he was obliged to give of himself in interviews and in public. This was at a surreal moment when he was still a little uneasy walking down the Croisette and hearing a person or two calling out “Where’s Wallace,” the meme line about his young character from the series The Wire. I recall walking away from Coogler and Jordan hoping they continued to make strong followup creative choices because all the potential was there. Who knew it might happen so quickly for each of them?

Brian Steinberg Senior TV Editor Warner Bros. Discovery, which is struggling with billions of dollars in debt, is willing to pay more money to executives who might be able to help reduce it. The owner of HBO, Discovery Channel and Food Network said Monday in a filing with the U.S. Securities and Exchange Commission that it would pay out new rewards to CEO David Zaslav, six senior staffers and an unspecified group of others if they could meet certain goals of new generation of free cash flow. “The changes to the Warner Bros. Discovery executive compensation program are designed to further incentivize Company employees, including members of its leadership team and others whose efforts are critical to achieving the key near-term financial objectives of increased free cash flow and reduced leverage,” said WBD board chairman Samuel A. Di Piazza, Jr. in a prepared statement.“The WBD board is confident that these additional incentives offer a more competitive package against the backdrop of ongoing industry-wide transformation and economic headwinds, and better position the company to advance core drivers of shareholder value.”

Brian Steinberg Senior TV Editor Seven of the biggest media-buying agencies on Madison Avenue and Roku have joined a media-industry effort that aims to count TV audiences in new ways. Dentsu, WPP’s GroupM, Horizon Media, Interpublic Group’s IPG Mediabrands, Omnicom Group’s Omnicom Media Group, Publicis Media and RPA have all lent counsel to the U.S. Joint Industry Committee, a consortium formed in January led by Fox, NBCUniversal, Paramount, TelevisaUnivision, and Warner Bros. Discovery and their Open AP joint venture that hopes to vet and certify a dizzying array of audience-measurement technologies that have come to market in recent months.  Along with Roku, Hallmark Media and the industry group Video Advertising Bureau, the companies have issued a new set of minimum requirements for acceptance of several new measurement technologies that TV networks would like to implement more quickly.

The power of a wide theatrical release was realized this weekend by streamer Amazon in its pivot back to the big screen with MGM/United Artists Releasing’s Creed III. It easily minted the best opening ever for the Seattle-based parent, as well as for the Rocky franchise, with $58.6M domestic, $100.4M worldwide.

Rebecca Rubin Film and Media Reporter After better-than-expected starts at the domestic and international box office, “Creed III” has already surpassed the $100 million mark globally. Directed by Michael B. Jordan in his feature filmmaking debut, the latest “Creed” movie has collected $58.7 million in North America and $41.8 million overseas to land the biggest opening worldwide in the trilogy. The $75 million-budgeted “Creed III” is the most expensive film in the trilogy (its predecessors cost $35 million and $50 million, respectively), but it already appears to be well-positioned in its theatrical run.

Naman Ramachandran A rerelease of “Superman the Movie” will kick off a year-long 100th anniversary celebration of Warner Bros. Studios across the U.K. and Ireland, Warner Bros. Discovery has revealed. Warner Bros. was founded by Albert, Sam, Harry and Jack Warner and incorporated on Apr. 4, 1923. The “Superman” rerelease at BFI Southbank and BFI Imax in April will coincide with the 85th anniversary of the character. The rerelease of “The Exorcist” in September will celebrate the 50th anniversary of the horror classic. An Imax version of “Elf” will be released in November. In Ireland, a restored “Cool Hand Luke” screening kicked off the celebrations on Feb. 27, in partnership with the Dublin International Film Festival. The event also featured a Q&A with Oscar-nominated filmmaker Lenny Abramson, discussing the impact of the film as a key influence on his career. 

With today’s “urgent reminder” directed to its membership, the Academy of Motion Picture Arts and Sciences again is doing its damnedest to get out the vote. The Oscar event is still a battlefield of “gold, sweat and tears” as portrayed in Oscar Wars, Michael Schulman’s new book, despite the ominous industry challenges.

EXCLUSIVE: After playing Juliet in 20th Century’s Romeo & Juliet spin-off Rosaline, Isabela Merced and 20th Century are teaming up again on one of the studios iconic IPs. Sources tell Deadline, Merced is set to co-star opposite Cailee Spaeny in 20th Century’s new Alien movie.

Mark Pedowitz, former Chairman and CEO of the CW, and his production company Pine Street Entertainment have signed with CAA for representation. The move comes as Pedowitz contemplates his future as a producer after exiting the CW in October, following Nexstar’s acquisition of the broadcast network.

Michael Schneider Variety Editor at Large As former The CW chairman and CEO Mark Pedowitz gets back into the production business, he has sign on with CAA for representation, the tenpercentary announced on Thursday. Pedowitz has revived his shingle, Pine Street Entertainment, which is represented by CAA as part of the arrangement. Pedowitz announced his departure from The CW in October, following Nexstar Media Group’s acquisition of the network from its previous joint operators CBS and Warner Bros. (Those two entities maintain minority stakes in The CW, but Nexstar is now the majority owner and operator.) In reviving Pine Street Entertainment, Pedowitz is bringing back his independent production company that produced CBS’ “The Crazy Ones” (starring Sarah Michelle Gellar and Robin Williams), as well as a number of development projects.

Batman fans have clamored for a while now that Willem Dafoe would be a great fit to play The Joker in a movie at some point. And Dafoe has acknowledged that interest, like in his monologue when he hosted “Saturday Night Live” last year.

EXCLUSIVE: Sing Again, a Korean singing competition series that’s outperformed The Masked Singer and I Can See Your Voice, has landed a third season on the JTBC network and Discovery+.

EXCLUSIVE: MastersFX, the special effects character and makeup company behind everything from Chucky in Child’s Play to Jack from the Jack in the Box commercials, has hired Sandra Lindala as its new VP. She will oversee the company’s operations in its Vancouver and Toronto studios and help develop new business.

Foxtel Group and Warner Bros Discovery have renewed their multi-year content agreement, under which the Australian pay-TV operator and streamer will remain the home of HBO, Max Originals, Warner Bros and Discovery programming in Australia.

Abbott Elementary has been confirmed to return for a third season.Created by and starring Quinta Brunson, Abbott Elementary is a workplace comedy set within a poorly funded elementary school in Philadelphia. The show follows the tribulations faced by the various teachers, including Janine Teagues (Brunson), substitute Gregory Eddie (Tyler James Williams) and history teacher Jacob Hill (Chris Perfetti).The show’s first season received critical acclaim and won three Emmys, including Outstanding Writing For A Comedy Series.