CEO compensation last year averaged about $32 million for 13 CEOs at 12 media companies , with several executives crossing the $50 million mark. Packages featured a mix of cash and equity awards. “But all of them will look astounding to shareholders in the context of salaries elsewhere,” said Rosanna Weaver, a pay expert at nonprofit shareholder advocacy group As You Sow.
Among chief executives, Netflix co-CEOs last year, Reed Hastings and Ted Sarandos, topped the list, with about $50 million each, up 25% and 32%, respectively. Hastings segued to executive chairman early this year with Sarandos and Greg Peters now co-CEOs. Netflix has famously allowed executives to choose how they want to be paid, in cash or stock. Sarandos has tended to take cash, and saw a $20 million base salary.
Paramount Global’s CEO Bob Bakish saw a 60% pay increase to $32 million. The stock fell 45% last year. The company has been thinning out its executive ranks and restructuring, including folding Showtime into Paramount+.Discovery CEO David Zaslav and Endeavor chief Ari Emanuel. Zaslav was granted option awards worth $202 million when his contract was extended, and as the Warner Media-Discovery merger was set to close. His pay fell to $39 million last year.
Proxies include the compensation of a company’s top five highest paid executives. The list of names for 2022 mirrors in a sense seismic shifts in the media business, and in the corner office.