2:19pm PT by Lesley Goldberg, Paul Bond
Chris Albrecht Renews Starz CEO Deal, Adds President to Title
Chris Albrecht is staying put at Starz.
The CEO has re-upped his deal with the premium cable network through 2020 and, beginning July 1, will add president to go with his CEO title, Starz announced Monday.
In a filing, Starz said Albrecht will receive a base salary of $1.5 million plus various bonuses under his new contract. He'll also get a $3 million grant of restricted shares and a $1 million grant of stock options, each of which will vest on June 30, 2017.
In 2015, he made $2.4 million and the year before he was paid $2.5 million. The two years prior to that, though, Albrecht made $30.5 million and $12.9 million, courtesy of some big stock awards.
"Chris has developed Starz into a leading, innovative entertainment brand with award-winning original programing that resonates with U.S. and international audiences," Starz chairman Greg Maffei said in a statement. "He has made remarkable contributions to the business over the past six years, and we look forward to his vision creating even more value for distributors, partners and shareholders."
Said Albrecht: "I am excited to move forward with my role at Starz and want to thank Greg and the board for their continued support. We have a tremendous runway for growth. I am more enthusiastic than ever about our strong and resilient subscription-based business model and commitment to make Starz an innovative global brand with an eye to the future."
Albrecht's new deal comes as the premium cable network is slated to move its originals from Saturdays, where they built a loyal and dedicated audience, to Sundays starting with the July 17 season-three premiere of Power, its highest-rated original.
Albrecht, the former chairman and CEO of HBO, has been with Starz since 2010. During his tenure he put the premium cable network on the map with original scripted programs including Spartacus and, more recently, Outlander, Black Sails, The Missing, The Girlfriend Experience, Survivor's Remorse, Blunt Talk, Ash vs. Evil Dead and the highly anticipated Neil Gaiman entry American Gods. The move to expand to Sundays — which has become the new night of must-see TV — comes after Albrecht employed the same strategy during his tenure at HBO.