(Reuters) -Warner Bros Discovery said on Thursday it has amended CEO David Zaslav’s employment agreement as the entertainment company undertakes a strategic review of its business.
As part of this process, Zaslav has agreed to amend his tenure and nonqualified stock option agreements, originally entered in June.
The company said it would extend Zaslav’s agreement to December 2030, if there is a “change in control”, but excluding any sale of Discovery Global or all or substantially all of its assets.
Warner Bros Discovery has been considering a range of options including a planned separation, a deal for the entire company, or separate transactions for its Warner Bros or Discovery Global businesses, the company had said in October.
The initial deadline to submit non-binding first-round bids is November 20, a source close to the matter said.
Reuters has reported that Comcast, Paramount Skydance and Netflix have explored bids for the whole of Warner Bros Discovery or in parts.
Shares of the company were up 3% after the bell.
(Reporting by Juby Babu in Mexico City; Editing by Shilpi Majumdar and Sriraj Kalluvila)
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