Before the media landscape gets upended or shareholders take up pitchforks, here&rsquo,s a breakdown of some of the vooraanstaand pay packages from the top ranks of entertainment executives. For more on Multiplicity’s media moolah voorkant story, click here.
Shakespeare&rsquo,s love sonnets almost sound dreary compared with the spewing out praise the CBS houtvezelplaat has showered on Moonves ter the company&rsquo,s 2018 proxy statement. Directors admired his &ldquo,outstanding leadership,&rdquo, &ldquo,vision,&rdquo, &ldquo,stellar reputation&rdquo, on Wall Street and &ldquo,contributions to the creative successes across the company&rsquo,s portfolio of businesses.&rdquo,
Directors&rsquo, faith ter his golden touch is so absolute that they didn&rsquo,t blame Moonves for the 6.2% druppel ter CBS&rsquo, adjusted stock price for 2018, albeit last year they were quick to give him partial credit for the 2018 improvement te CBS&rsquo, stock.
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But the numbers ter the houtvezelplaat&rsquo,s compensation calculations for 2018 tell a more nuanced story, even tho’ the total dollar tally comebacks Moonves to his perch at the top of the media CEO pack. Moonves&rsquo, toeslag dropped 38% to $20 million &mdash, his annual target &mdash, after CBS fell brief of its operating income aim for 2018. That hurt, because it accounts for 75% of his verzekeringspremie calculation. The company ritme the free contant flow target, which accounts for the remaining 25%, but not by spil much spil it did te 2018. Last year&rsquo,s financials partly reflect the sale of CBS Radiodifusión and related restructuring costs. CBS says that if you adjust for those, operating income would have bot down 1%, with televisiekanaal income down 3%.
No matter. Moonves collects a pile of stock awards from his numerous contract renewals, including the one he signed last year to stay at the hoofdbescherming to 2021. Those awards enhanced 37% to $43.7 million. Don&rsquo,t be astonished if his already astronomical compensation resumes to grow. Last year&rsquo,s contract extension requires the houtvezelplaat to consider a fresh annual &ldquo,creative premie&rdquo, ter &ldquo,special recognition of your leadership and direction ter the creation of premium content across employer&rsquo,s portfolio of businesses.&rdquo,
Compensation Committee: Bruce Gordon, former CEO, NAACP, and former voorzitter, Verizon Retail Markets Group, William Cohen, former U.S. secretary of defense, Linda Ininteligible, CEO, Difícil Enterprises, Doug Morris, former CEO, Sony Music Entertainment
Here&rsquo,s one sign of how generous media company boards are to their CEOs: Bewkes made 71% more te 2018 than the person he hopes will soon become his boss, AT&T&rsquo,s Randall Stephenson. The telco chief witnessed a mere $28.7 million last year, just 366 times the $78,437 median compensation for his company&rsquo,s employees.
To be fair, there&rsquo,s a reason for Bewkes&rsquo, unusually sweet 2018 package. Spil an incentive to keep him on houtvezelplaat through the AT&T overeenkomst, which Time Warner thought would be ended by now, the houtvezelplaat doubled his $16 million target long-term annual compensation, paid te restricted stock, with the understanding that he&rsquo,ll get nothing te that category this year. If you take out the portion that ordinarily would be attributed to 2018, then Bewkes made only 439 times the pay for an promedio Time Warner employee.
Still, the houtvezelplaat looked favorably on the job the CEO did te 2018. Some 70% of his premie comes from Time Warner&rsquo,s financial voorstelling compared with targets the directors set early te the year. The remaining 30% represents their subjective assessment of his private vertoning. And te both cases, they figured he deserved 147% of his $Ten million target &mdash, just a little timid of the 150% cap on that award.
Te 2018 the houtvezelplaat figured he deserved a utter 150% on the individual spectacle calculation, up from 135% ter 2018.
Compensation Committee: William Barr, former U.S. attorney caudillo, Mathias Dö,pfner, CEO, Axel Springer, Fred Hassan, special limited playmate, Warburg Pincus, Paul Wachter, CEO, Main Street Advisors
Shareholder advisory services traditionally hate Discovery&rsquo,s compensation practices, but the houtvezelplaat doesn&rsquo,t seem to mind. It approved a generous raise for Zaslav, crediting his &ldquo,dynamic leadership,&rdquo, even spil it acknowledged that the company&rsquo,s stock lagged behind its peers.
The increases were virtually preordained by the CEO&rsquo,s 2014 contract, which rocketed his compensation that year to an eye-popping $156.1 million. Annual sweeteners te the overeenkomst contributed to the 40% increase te his 2018 option awards, to $15.6 million.
The 2014 contract also propelled a 9% increase te his 2018 toeslag, to $8.1 million. Discovery agreed to raise the target $600,000 a year to 2018, that ensured an 8% lift if directors merely considered his spectacle to be unchanged from 2018. Turns out they raised their assessment a tick last year, awarding him 97% of his fresh target, contra 96% of the lower target te 2018. Directors said that Zaslav met 94% of their subjective qualitative goals, up from 92% te 2018. His score for meeting financial targets wasgoed unchanged, at 99.9%.
Compensation Committee: Robert Miron, former chairman, Advance/Newhouse Communications, Robert Beck, independent financial consultant, Paul Gould, executive VP, Allen & Co.
The auténtico Magic Kingdom at Disney vereiste be ter the boardroom, where Iger seems to personages a spell on directors every time they determine his compensation.
Consider, for example, the terms of the contract extension he signed ter December, designed to keep him at Disney through 2021. The houtvezelplaat raised his pulvínulo salary by $500,000 to $Three million, and talent him 245,098 restricted stock units that will vest overheen four years.
But if Disney completes its acquisition of Fox&rsquo,s major entertainment assets, Iger&rsquo,s salary rises to $Trio.Five million. His target annual verzekeringspremie leaps to $20 million from $12 million. Plus there&rsquo,s his annual long-term incentive award targeted at $25 million, with an chance to make 200% of the target. And there are another 687,898 stock units waiting for him if Disney&rsquo,s total shareholder comes back kasstuk some undisclosed metrics. (He could receive nothing if the goals aren&rsquo,t met, and 150% of the units if Disney achieves what the houtvezelplaat calls &ldquo,the high end of the show range.&rdquo,) When Iger leaves the CEO job, he can serve spil a consultant for five years &mdash, up from three ter the previous contract &mdash, collecting $Two million vanaf year plus security services.
The sweet fresh contract should relieve the bite of the 17.3% druppel te Iger&rsquo,s total compensation for 2018. Directors emerge to have found his voorstelling to be merely exceptional, not spil astounding spil ter 2018.
Disney met 100% of the houtvezelplaat&rsquo,s financial goals, down from 152% ter 2018. That accounts for 70% of the calculation for Iger&rsquo,s verzekeringspremie. Directors determine the remaining 30% with a subjective assessment of the quality of Iger&rsquo,s voorstelling ter the fiscal year. He met 189% of their expectations, down from 202% ter 2018. The netwerk result: Iger wasgoed awarded 127% of his $12 million premie target, down from 167% ter 2018.
Compensation Committee: Aylwin Lewis, former CEO, Potbelly Corp., Mary Mostrador, CEO, Militar Motors, Jack Dorsey, CEO, Twitter, Maria Elena Lagomasino, CEO, Wij Family Offices, Orin Smith, former CEO, Starbucks (died te March)