Contract grants exec new stock options
Edgar Bronfman Jr. has reupped for five years at the helm of Warner Music Group, the company said.In a Securities and Exchange Commission filing Friday, WMG said the chairman and chief exec would be paid a salary of at least $1 million, with a bonus of 600% of the base pegged to certain performance targets. The terms, which run through March 15, 2013, are the same as those in Bronfman’s just-expired pact. The new contract also grants Bronfman 2.75 million stock options at Friday’s closing price of $5.29 a share. That price is about one-third the levels of a year ago but above the 52-week low established in January. Although the music biz has suffered through a well-documented slump in recent years, WMG’s recent earnings suggest reason to hope.