Discovery, the parent company of pan-European broadcaster Eurosport, has extended the contract of president and chief executive David Zaslav until the end of 2023.
The American’s current contract with the US media giant was due to expire in 2020, but the new deal ensures he will continue in the same role he has held since 2007.
In a regulatory filing on Wednesday, Discovery said Zaslav’s base salary will remain at a healthy US$3 million each year. The 58-year-old’s target bonus will stay at US$9 million for 2018 but could then increase to as much as US$22 million annually for the remainder of the term.
“Together, we are building something special,” said Zaslav. “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’s contract extension comes shortly after Discovery’s landmark 12-year, US$2 billion rights deal with golf’s PGA Tour, which includes the creation of a dedicated over-the-top (OTT) platform to house coverage of the sport’s premier men’s circuit.
Robert Miron, chairman of Discovery’s board of directors, added: “A dynamic, creative, and passionate leader, David is a builder and an innovator, laser focused on creating value.
“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.”