Liberty execs' compensation jumped in '07
Chairman John Malone's package increased 80%DENVER -- Liberty Media Corp. Chairman John Malone's compensation package jumped 80% to $6 million in 2007 as his diversified media company worked to streamline its holdings and acquire a stake in satellite TV provider DirecTV.
The company also rewarded Chief Executive Officer Greg Maffei with a compensation package totaling $19.2 million, more than triple his 2006 package. The bulk of the increase came in stock and stock options the company valued at $15.1 million.
Malone, who controls Liberty Media, also was awarded most of his compensation in stock and stock options the company valued at $4.6 million.
His salary was just $2,600 while other compensation totaled $1.2 million, which included $227,137 for use of a company jet, $745,832 in tax payments made on his behalf, and reimbursements for personal estate, planning and legal advice. He also got $214,323 in above-market returns on deferred compensation.
In 2006, Malone received total compensation worth $3.4 million, including $1.9 million in stock and options, $2,600 in salary, a $625,000 bonus and $666,724 in other compensation for tax and estate planning, legal advice, tax payments and use of the corporate jet.
Maffei's 2007 package also included $1 million in salary, $2.7 million in compensation under a non-equity incentive plan, $214,323 in above-market returns on deferred compensation and $463,062 in other compensation representing use of aircraft, insurance and retirement.
In 2006, Maffei received $5.7 million in compensation, including a $1 million salary, $1 million under a non-equity incentive compensation program, $524,559 in other compensation and stock and stock options valued at $2.6 million by the company.
The Associated Press calculations of total pay include salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year.
The calculations exclude changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission.
Based in suburban Englewood, Liberty Media has divided its assets into three groups. Liberty Interactive includes QVC and other e-commerce businesses. Liberty Capital Group has the Altanta Braves and interests in Time Warner Inc. and Sprint Nextel Corp. Liberty Entertainment was created this year after Liberty Media completed a $12 billion swap that exchanged its stake in News Corp. for a 41% interest in El Segundo, Calif.-based DirecTV, the nation's largest satellite television provider.