Leading Shareholder Advisor ISS Slams David Zaslav’s “Windfall” Golden Parachute
By Jill Goldsmith
Published on April 9, 2026.
Leading proxy advisory firm Institutional Shareholder Service (ISS) has recommended Warner Bros. Discovery shareholders to support the company's sale to Paramount Skydance but reject CEO David Zaslav's potential $886 million merger-related golden parachute. The firm described the payout as "extraordinary," not in a good way. ISS highlighted two elements of the payout, a large portion of which is a so-called excise tax gross-up, or an additional payment to reimburse taxes, which could decrease depending on merger timing. The payout also includes $34.2 million in cash severance. The shareholder vote on the golden parachute is advisory only, or non-binding, and ISS recommends a vote in favor of the merger.
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