In liberal Hollywood, the rich got richer while just about everyone else got poorer — or got laid off.
Hollywood CEOs and other top executives made out like bandits in 2023, with nearly every studio head receiving a hefty pay raise or increase. Their windfalls stand in stark contrast to their employees, who had to endure mass layoffs, budget cuts, and two historic labor strikes that brought the industry to an unprecedented standstill.
Among the executives who saw their compensations rise were the CEO’s of Endeavor, Netflix, and Warner Bros. Discovery, according to data compiled by The Hollywood Reporter. The analysis includes base pay as well as stock-based compensation.
Layoffs hit Hollywood hard in 2023.
Studios that have slashed their headcount include the Walt Disney Company, Paramount, Warner Bros. Discovery, and Amazon MGM.
Warner Bros. Discovery CEO David Zaslav got a whole lot richer, receiving a nearly 27 percent pay raise last year while overseeing mass layoffs at the media conglomerate.
For 2023, Zaslav’s compensation totaled $49.7 million, up 26.5 percent from the previous year when he received $39.3 million, according to the company’s 2024 proxy statement that was filed last month. Layoffs included staff at CNN, HBO, and Turner Classic Movies.
Meanwhile, blue collar crew members who keep movie and TV sets running are also struggling to find work as studios slash the number of titles receiving the green light in a bid to cut costs.
Here is The Hollywood Reporter‘s compilation of studio executive compensation increases for 2023.
Ari Emanuel (Endeavor / TKO Group) — Stock performance: up 4 percent; Pay increase: up 339 percent.
Ted Sarandos (Netflix) — Stock performance: up 63 percent; Pay increase: down 0.1 percent.
David Zaslav (Warner Bros. Discovery) — Stock performance: up 20 percent; Pay increase: up 26 percent.
Greg Peters (Netflix) — Stock performance: up 63 percent; Pay increase: up 43 percent.
Brian Roberts (Comcast — parent company of NBCUniversal) — Stock performance: up 26 percent; Pay increase: up 11 percent.
Bob Iger (Disney) — Stock performance: up 1 percent; Pay increase: down 33 percent. (This comparison is 2023 vs 2019.)
Bob Bakish (Paramount) — Stock performance: down 17 percent; Pay increase: down 2 percent.
Michael Cavanagh (Comcast) — Stock performance: up 26 percent; Pay increase: down 27 percent.
Adam Aron (AMC Theatres) — Stock performance: down 85 percent; Pay increase: up 7 percent.
Reed Hastings (Netflix) — — Stock performance: up 63 percent; Pay increase: down 78 percent.
Sean Gamble (Cinemark) — Stock performance: up 60 percent; Pay increase: up 47 percent.
Andy Jassy (Amazon) — Stock performance: up 78 percent; Pay increase: up 8 percent.
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