A majority of Warner Bros Discovery (WBD) shareholders voted down the 2024 pay package for CEO David Zaslav, amid steep declines in the media group’s share price.

A regulatory filing showed that a majority of shareholders rejected the $52 million (€45.6m) package. The move is largely symbolic because it is nonbinding. The WBD board said it “takes the results of the annual advisory vote on executive compensation seriously”.

Zaslav received higher pay than his counterparts at larger entertainment groups last year, including Disney chief executive Bob Iger, who was paid $41 million, and Comcast chief executive Brian Roberts, who received $34 million.

WBD’s shares are down nearly 60 per cent since the company was formed in 2022 as its cable television businesses have faced sharp declines. Zaslav is focused on cutting its debt load, which stood at $55 billion when the deal closed and stood at $38 billion in May. S&P Global lowered its credit rating on WBD last month to BB-plus, citing revenue and cash flow declines at its TV business.

Some observers expect a spin-off of the company’s studio and streaming businesses.