US media company Discovery, the parent entity of international sports broadcaster Eurosport, has extended the contract of president and chief executive David Zaslav through to the end of 2023.
Zaslav’s current contract was due to expire in 2020 and he has led Discovery since 2007. The new deal will continue to make Zaslav a significant, long-term shareholder in Discovery. Zaslav has committed to hold the majority of his equity from stock grants to term.
In a regulatory filing yesterday (Wednesday), Discovery said Zaslav’s base salary will remain at $3m (€2.56m) per year. His target bonus will remain at $9m for 2018 but could then increase to as much as $22m per year for the remainder of the term.
Zaslav’s new contract comes after US golf organisation the PGA Tour last month took on a new strategy for its international rights by striking a “pioneering” strategic alliance with Discovery. The 12-year deal will run from 2019 to 2030 and includes global multi-platform live rights, outside the US, to all PGA Tour media properties.
In addition to live linear rights in 220 markets and territories, the alliance will include the creation of a dedicated, Tour-branded, OTT video streaming service that will seek to capitalise on Discovery’s direct-to-consumer product and platform expertise as home to the Eurosport Player.
Discovery said it expects to invest more than $2bn over the course of the alliance, including licensing of the Tour’s international media rights and building a global OTT platform available outside the US, with a gradual increase of annual investment during the term.
Discovery will broadcast the PGA Tour on its portfolio of pay-television and free-to-air channels, digital and short-form platforms, and will work with the Tour on how to capture all access to the action and its extensive non-live and library rights for all media platforms.
Commenting on Zaslav’s new contract, John Malone, Discovery director and chairman of Liberty Media and Liberty Global, said: “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.”
Zaslav added: “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. 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 joined Discovery as president and chief executive in 2007, following a spell at US media company NBCUniversal.
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