Warner Bros. Discovery entered into new employment contracts for two senior execs, JB Perrette and Bruce Campbell, that extend through 2029 and 2030, respectively. The new deals, disclosed Thursday, are contingent on the completion of WBD’s separation into two companies: Warner Bros., comprising streaming and studios, and Discovery Global, which will house the linear TV networks.
Campbell, currently chief revenue and strategy officer, is anticipated to become the COO of Warner Bros. post-split. Perrette, president and CEO of global streaming and games, is set to hold the same role at the newly separated Warner Bros. The separation is expected to be completed by mid-2026.
Campbell’s new agreement runs through Dec. 31, 2030, and Perrette’s extends through Dec. 31, 2029 (unless those are renewed).
“Each of Mr. Campbell and Mr. Perrette entered into a new employment agreement with WBE that is contingent on, and only becomes effective upon, completion of the separation and provides for the terms and conditions of his employment with Warner Bros. following the Separation,” WBD said in an 8-K filing Thursday.
Last month, WBD also inked new employment agreements with president and CEO David Zaslav (who will become CEO of the new Warner Bros.) and CFO Gunnar Wiedenfels (who will become CEO of Discovery Global). Following the split, Zaslav’s new employment agreement as CEO of Warner Bros. will “significantly reduce his target annual compensation,” the company said last month. Wiedenfels’ pay package will be upped from his existing CFO compensation “to reflect his expanded responsibilities” as chief exec of Discovery Global.
Campbell’s current agreement was extended through the completion of the WBD split. Under that, his annual base annual salary is $2.946 million and his annual target cash bonus opportunity remains at 200% of his base salary. In addition, the extension increases the target value of Campbell’s annual equity grant for calendar year 2025 from $8.5 million to $9.5 million.
The new post-split contract for Campbell, covering his role as COO of Warner Bros., grants him a base annual salary of $2.3 million and he will be eligible for an annual cash bonus opportunity with a target equal to 200% of his annual base salary (with the actual payout based on the achievement of preset performance objectives). Campbell will also be eligible to receive annual equity awards under Warner Bros.’ future equity incentive plan with an annual target value of $11.6 million receives an equity grant from Warner Bros., and $10.6 million per year thereafter during the term of employment.
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Prior to the separation, under the terms of Perrette’s contract renewal, his base salary is $2.85 million and his annual target cash bonus opportunity remains at 200% of his base salary. As with Campbell, WBD increased the target value of Perrette’s annual equity grant for calendar year 2025 from $8.5 million to $9.5 million.
Post-split, Perrette’s base salary at Warner Bros. will be $2.3 million annually and he will be eligible for an annual cash bonus opportunity with a target equal to 200% of the base salary. And like Campbell, Perrette will also be eligible to receive equity awards with an annual target value of $10.6 million.
Pictured above: JB Perrette (l.), Bruce Campbell
From Variety US