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Afternoon Edition

June 17, 2025

Warner Bros. Discovery split into two companies last week, with TNT Sports being cast off into the group with more debt and low-growth assets. As new information emerges, including reduced-pay packages for top execs, what do we know about the role of sports in WBD’s future?

— Eric Fisher [[link removed]] and David Rumsey [[link removed]]

Zaslav Takes Pay Cut, TNT Sports Future Unclear in WBD Shake-Up [[link removed]]

Gary A. Vasquez-Imagn Images

As TNT Sports parent company Warner Bros. Discovery prepares to split into two entities [[link removed]], the compensation for top executives David Zaslav and Gunnar Wiedenfels is being reworked substantially to respond to heavy shareholder pushback.

WBD said that it will “significantly reduce” the target annual compensation of Zaslav, the company’s CEO, after his $51.9 million total for 2024 recently received a firm rebuke from investors [[link removed]]—particularly as WBD continues to see issues with a lagging stock performance and is still working through the loss of its live NBA rights. Wiedenfels, the current CFO, also signed a new employment agreement that retools his pay in preparation for the new corporate structure.

In a newly completed agreement, Zaslav will keep his base salary at $3 million, but an annual cash bonus that reached $23.9 million in 2024 will fall to a new target of $6 million, with that bonus payout capped at $12 million and based on the achievement of performance goals. Zaslav’s stock awards that were $23.1 million last year will fall to $15.5 million in the first year of the new deal, and $7.5 million annually thereafter.

To help retain Zaslav, one of the highest-paid executives in the media business, in the lower pay structure, WBD’s board also approved a “one-time inducement” that includes an award of nearly 21 million stock options vesting in a complex formula based on time and performance measures.

Wiedenfels, meanwhile, will get a base salary of $2.5 million, an annual cash bonus that will cap at $17.5 million, and equity awards targeted at $16 million per year. His bonus and stock awards, too, are tied specifically to performance goals and will have some vesting requirements.

Responding to Feedback

WBD said in a filing with the U.S. Securities & Exchange Commission that the new compensation agreements will “address stockholder feedback and preferences with respect to CEO compensation structure and foster a stronger pay-for-performance alignment.” The company added that it took into account several other factors, such as “peer group practices and benchmarks.”

The reworked compensation agreements mark another major move as WBD plans to become two independent, publicly traded companies beginning in mid-2026: a Streaming & Studios operation led by Zaslav that will include WBD’s film and TV productions and its streaming operations, and a separate Global Networks business led by Wiedenfels that will include TNT Sports in the U.S., Bleacher Report, CNN, Discovery, and free-to-air channels in Europe.

The Global Networks group will have the core of TNT Sports, but Wiedenfels acknowledged last week that the long-term streaming future of the sports programming is still unsettled and will be determined “over time.” That effort could become complicated, however, as Zaslav also said that sports “hasn’t been a real driver” for streaming consumption on Max, which is about to revert to its prior HBO Max name. Network sources said there is a process already beginning to develop a refined digital strategy for TNT Sports in the forthcoming, separated structure.

FRONT OFFICE SPORTS HONORS

Rising 25 Nominations Closing Soon

Rising 25 [[link removed]] is back and it’s time to nominate an up-and-coming young professional changing the game in the business of sports.

The Front Office Sports Rising 25 Award celebrates the careers of the brightest young stars in the business of sports. To date, we’ve honored 200 individuals and we’re looking for our next group of young professionals.

Know someone who deserves to be recognized? Nominate them now [[link removed]].

Don’t wait—nominations close Sunday, June 22 at 11:55 p.m. ET.

Rolapp Weighs In on PGA Tour–LIV Golf Talks, NFL After Goodell [[link removed]]

PGA Tour

New PGA Tour CEO Brian Rolapp isn’t making any promises about brokering a peace deal with LIV Golf, but he is staying open-minded.

“My view is I come in with a pretty clean sheet of paper,” Rolapp said at the Travelers Championship on Tuesday after his hire was officially announced earlier in the morning.

Rolapp will be the PGA Tour’s top executive, as commissioner Jay Monahan will hand off his day-to-day responsibilities and step down from his role [[link removed]] after his contract expires following the 2026 season.

Rolapp, who went to Harvard Business School with LIV CEO Scott O’Neil [[link removed]], said the existence of a rival league is a “complex situation that’s probably something I should learn more about before I speak.” He said he is “not close enough to any of those discussions” to break down in depth yet.

However, Rolapp agrees that a solution is needed. “The fans have been pretty clear,” he said. “They want to see the best golfers competing against each other.”

Cash Flow

Rolapp is becoming CEO of both the PGA Tour, which will continue to operate as a 501(c)(6) nonprofit organization, and the for-profit entity PGA Tour Enterprises, which in 2024 received a $1.5 billion investment (that could be doubled to $3 billion) from the Strategic Sports Group—a conglomeration of professional sports franchise owners.

That initial investment led to players receiving $930 million worth of equity stakes [[link removed]] in PGA Tour Enterprises, but there’s more money to go around. “Where we deploy that capital, I have ideas,” Rolapp said. “I don’t think I want to share them now, but that’s going to be part of the job.”

Atlanta Falcons owner Arthur Blank, who is part of SSG, led the PGA Tour CEO search committee. “I think they saw what I saw, which is a great opportunity—getting the right alignment and the right capital to do that, that’s what really drew me to it,” Rolapp said. “It’s an investor group that is experienced in sports. They’re smart.”

Goodell Succession Rumors

Rolapp, 52, joins the PGA Tour from the NFL, where he was seen as a potential successor to commissioner Roger Goodell, most recently serving as chief media and business officer.

“I loved working at the NFL,” Rolapp said. “I’ve learned a ton from Roger. He’s been my boss for a long time and a mentor for a long time.”

But Rolapp isn’t worried about the NFL’s future anymore. “A lot of people focus on who the next commissioner is,” he said. “I don’t. I focus on the job I have. I was just really drawn to the opportunity here.”

For now, at least, Rolapp is all in on the PGA Tour. “When you’re in the seat I’ve been in for a while, you get to look at a lot of different opportunities, and they don’t come up—unique ones don’t come up—very often,” he said. “This one did, and it was a chance to really do something different and help grow a game and a sport that I love.”

Stanley Cup Final Delivers Drama but Struggles for Eyeballs in U.S. [[link removed]]

Sergei Belski-Imagn Images

There has been no shortage of drama or star power in the first five games of the Stanley Cup Final, with three of the games between the Oilers and Panthers going into overtime, and the matchup boasting top talents such as Edmonton’s Connor McDavid [[link removed]] and Florida’s Aleksander Barkov [[link removed]]. Audiences, however, remain somewhat indifferent, particularly in the U.S.

TNT Sports parent company Warner Bros. Discovery, already in the midst of a larger transition [[link removed]], said that U.S. viewership for the series through Game 5 has averaged about 2.5 million viewers, down 28% from a year ago and down 5% from 2023, when the network last carried the Stanley Cup Final.

Viewer attrition in the U.S. [[link removed]] was likely compared to last year, when Disney carried the event on both ABC and ESPN. That exposure on broadcast with a significant emphasis on streaming contrasts significantly from the cable-led presentation on TNT and truTV, joined by a simulcast on Max. That rights rotation will continue through the 2027–28 season.

Still, the current Stanley Cup Final results are something of a surprise given not only the inherent factors, but the momentum the NHL saw earlier this season in events such as the wildly successful 4 Nations Face-Off.

The U.S. situation for the Stanley Cup Final also contrasts notably from Canada, where Sportsnet and CBC have averaged 3.8 million viewers through Game 5, up 2% from a year ago. In a country of nearly 42 million people, that total is equivalent to a U.S. audience of about 31 million. That latter figure is on par with what [[link removed]]the NFL draws for a wild-card playoff game [[link removed]].

Before the start of the Stanley Cup Final, commissioner Gary Bettman dismissed any viewership concerns.

“You’ve got some in the media saying, ‘Well, the ratings are going to be soft in the U.S.’ They’re going to be great in Canada, they’ll be fine in the U.S.,” Bettman said on NHL Network Radio.

The Panthers currently lead the series three games to two, but should the Oilers win Game 6 on Tuesday and force a deciding game, the entire complexion of the series viewership will change considerably. Last year’s Game 7 between the two teams drew an average U.S. audience of 7.7 million, the largest total for any NHL game in five years [[link removed]]. That final figure, more than twice the average level of the first five games of the series, also elevated the final average considerably.

FRONT OFFICE SPORTS TODAY New PGA Chief’s LIV Challenge, Plus Red Sox Dysfunction

FOS illustration

PGA Tour commissioner Jay Monahan has officially announced he will be stepping down in 2026, as Brian Rolapp, the former NFL chief media officer, is set to take over. Will Rolapp accomplish what Monahan could not and complete the merger deal with LIV Golf? FOS reporter David Rumsey weighs in.

Plus, baseball writer Joon Lee reveals dirty details behind the Red Sox’ shocking decision to trade franchise cornerstone Rafael Devers, which includes a growing rift inside Boston’s organization at the top level.

Watch the full episode here [[link removed]].

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STATUS REPORT Two Up, One Down, One Push

Jayne Kamin-Oncea-Imagn Images

Shohei Ohtani ⬆⬇ The Dodgers superstar had a mixed result in his first pitching appearance in nearly two years [[link removed]], hitting 100 miles per hour in his velocity and feeling physically good afterward, but requiring 28 pitches to get through one inning of work. Ohtani allowed one run on two hits, but he also contributed two hits and two runs batted in at the plate during a 6–3 win over the Padres. “Not quite happy with the results overall, but I think the takeaway for me is that I felt good enough to go out for my next outing,” Ohtani said through an interpreter. The Padres-Dodgers game also set a record for the most-watched single game in the 23-year history of MLB.TV.

Tyreek Hill ⬇ The Dolphins receiver’s planned race against Noah Lyles [[link removed]] is now off, the star U.S. sprinter said [[link removed]] Tuesday.

J.J. Spaun ⬆ The unlikely U.S. Open champion has jumped 17 spots in the Official World Golf Ranking to No. 8, and he moved up 10 spots in the U.S. Ryder Cup team standings to No. 3. Spaun earned $4.3 million [[link removed]] for his victory at Oakmont Country Club, and he gave a boost to burgeoning equipment company L.A.B. Golf [[link removed]], which supplies his putter despite not having an official endorsement deal.

MLB uniforms ⬆ The league introduced its uniforms for the upcoming All-Star Game workout day and Home Run Derby [[link removed]], tapping heavily into prior styling used by the host club Braves. The All-Star Game itself will still be the first since 2019 in which players will wear their own team uniforms, as the league last fall ended a much-criticized practice [[link removed]] of using custom, league-based uniforms.

Conversation Starters Chicago Fire FC unveiled plans for a privately funded, $650 million, 22,000-seat stadium in the South Loop’s The 78 development, aiming to open in 2028 and boost the city’s soccer landscape as other projects remain in limbo. Take a look at the new renderings [[link removed]]. Records show Angel Reese has filed a trademark for the term “Mebounds.” Watch her explain what it means [[link removed]] and why she did it. Caitlin Clark’s 32-point performance in the Fever’s win over the Liberty drew 2.2 million viewers—making it the third-most-watched WNBA game in history [[link removed]] on ABC. Editors’ Picks Caitlin Clark Effect Back in Full As Fever-Liberty Draws 2.2 Million Viewers [[link removed]]by Ryan Glasspiegel [[link removed]]It was the third-highest-rated WNBA ABC game ever. U.S. Open TV Ratings Down 8% After Rain Delay, Underdog Winner [[link removed]]by David Rumsey [[link removed]]NBC and Peacock averaged 5.4 million viewers for Sunday’s final round. Louisiana Sports Betting Set to Aid LSU and Other State Schools [[link removed]]by Alex Schiffer [[link removed]]Louisiana lawmakers have been creative in finding state money for NIL. Advertise [[link removed]] Awards [[link removed]] Learning [[link removed]] Events [[link removed]] Video [[link removed]] Shows [[link removed]] Written by Eric Fisher [[link removed]], David Rumsey [[link removed]] Edited by Matthew Tabeek [[link removed]], Or Moyal [[link removed]], Catherine Chen [[link removed]]

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