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Zaz’s “Equity Story” & Credit Suisse’s Demise

News and notes on the inside conversation on Wall Street: David Zaslav’s debt journey, the Carlos Watson indictment, and the latest developments with Credit Suisse.

Warner Bros. Discovery C.E.O. David Zaslav.
Warner Bros. Discovery C.E.O. David Zaslav. Photo: Kevin Dietsch/Getty Images
William D. Cohan
February 26, 2023

During his presentation of Warner Bros. Discovery’s fourth quarter results, on Thursday, I wouldn’t say that David Zaslav put lipstick on a pig, as the old Wall Street saw goes, but he definitely put a great spin on some rather tepid news. For instance, the company’s $12 billion Adjusted EBITDA projection for 2023 has been adjusted downward by Zaz to the “low to mid” $11 billion range—“pro-forma adjusted EBITDA,” as Zaz put it.