Warner Bros. Discovery shareholders just rejected CEO David Zaslav's pay package. Wall Street thinks a split-up of the company may be next.

By many measures, Warner Bros. Discovery had a bad 2024. Revenue dropped 4.8% to $39.3 billion. The company posted a staggering $11.5 billion net loss, largely because of a $9.1 billion goodwill impairment charge that reflected the lower valuation of its linear TV networks.

Warner Bros. Discovery shareholders voted on Tuesday to reject the pay packages for several of the company’s executives, including CEO David Zaslav’s compensation package of more than $50 million.