CBS Corp. CEO Leslie Moonves' 2011 Compensation Jumps 21 Percent to $69.9 Million
UPDATED: Executive chairman Sumner Redstone made an unchanged $20.3 million last year, while his CEO overtook Viacom's Philippe Dauman to become the highest-paid Hollywood CEO so far this reporting season.
CBS Corp. said late Friday that president and CEO Leslie Moonves received higher compensation worth $69.9 million last year, driven by option awards.
The total pay package, details of which were disclosed in a regulatory filing, was up 21 percent from the $57.7 million the media mogul had made in 2010 and makes him the highest-paid Hollywood CEO so far this reporting season. In 2010, the highest-paid CEO in the entertainment industry and all of the U.S. was Philippe Dauman of CBS sibling company Viacom with $84.5 million.
CBS Corp. executive chairman Sumner Redstone's pay package was virtually unchanged at $20.3 million, the company disclosed.
The increase in Moonves' compensation package was about half of the 40 percent gain in the stock of CBS Corp. last year. The company filing also lauded the CEO for his dealmaking prowess and keeping the CBS broadcast network on top in the ratings.
Moonves' salary of $3.5 million in 2011 was down minimally from $3.51 million in 2010, and his bonus was unchanged at $27.5 million. The value of his stock awards rose from $8 million to $8.5 million, but the value of his option awards rose from $14.9 million to $27.3 million, and his pension value also increased.
In terms of the "other compensation" category, Moonves saw a decline from nearly $3 million to $1.6 million. This segment also provided some interesting tidbits about Moonves' work and life. It includes, for example, the "one-time cost to the company incurred pursuant to Mr. Moonves' February 2010 employment agreement, related to the construction of a dedicated work area at his home for the purpose of screening and evaluating television and film programming, and other work-related activities." That amounted to $500,000, according to the filing.
It also includes "matching charitable contributions made by the company on behalf of Mr. Moonves, in his capacity as a director, under the directors' matching gift program ($7,500)" and $1,149 in automobile insurance provided by the company.
Moonves also got $557,600 in transportation benefits and $383,000 in security. Redstone, who has left the running of the company to his CEO, got no security but $5,656 in transportation benefits, the filing showed.
CEO compensation trends in the entertainment industry have been going in different directions this season. In January, Viacom said that Dauman's compensation amounted to $43.1 million in the latest fiscal year, down due to special year-ago awards. Time Warner CEO Jeff Bewkes' compensation also declined slightly to $25.9 million.
E-mail: Georg.Szalai@thr.com; Twitter: @georgszalai