Netflix CEO Reed Hastings' Annual Pay Jumps to $29.4 Million for 2018

Reed Hastings 2 - 2016 Consumer Electronics Show in Las Vegas - Getty - H 2017
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Content chief Ted Sarandos is seeing his base salary rise to $14 million in 2018.

Reed Hastings looks to be getting a big raise in 2018. 

Netflix on Thursday disclosed via a regulatory filing that its CEO could make as much as $29.4 million during the year, up from $22 million in 2017. That equates to an annual salary of $700,000, down from $850,000 in 2017, and a stock option allowance of as much as $28.7 million. 

Over the last several years, Hastings has taken a cut in his base salary as his stock options have grown. 

Content chief Ted Sarandos, meanwhile, will earn a $12 million salary in 2018, up from $1 million in 2017, with a stock option allowance worth over $14.2 million. In 2017, Sarandos was eligible for a bonus of $9 million. A bonus was not listed in the filing released Thursday. He is the second highest paid executive at Netflix behind Hastings, who co-founded the company in 1997. 

CFO David Wells will earn $5.25 million in base salary and stock options. General counsel David Hyman will earn nearly $5.8 million combined. 

Under Hastings, Netflix has become an entertainment giant with 109 million subscribers worldwide. Its stock, which closed Thursday at $192.71, is up 51 percent since the beginning of the year.