CBS Corp. prexy-CEO Leslie Moonves took home a whopping $66.9 million in 2013, according to the company’s SEC proxy filing on Friday.
CBS Corp. chairman Sumner Redstone saw a windfall of $57.1 million, an 83% increase from the $31.2 million he received in 2012.
Moonves’ salary, stock awards and other bonuses grew 8% over its 2012 pay package. But that still wasn’t as much as the $69.9 million he netted in 2011.
CBS Corp. in its filing cited the growth recorded last year by the flagship CBS network and Showtime, the improved performance at the company’s local TV and radio stations, as well as the corporate moves that included setting up the spinoff plan for its domestic outdoor advertising operations and sale of its international outdoor assets. The company also prevailed in its summer standoff with Time Warner Cable, ending up with a deal that yielded hefty retransmission consent fees for CBS’ O&O group.
CBS also continued to see gains in its content licensing business thanks to the competition among Netflix and Amazon for digital rights to programs from the CBS vault. The success last summer of drama “Under the Dome” was specifically cited as paving the way for increased ratings and revenue during the summer months under an innovative partnership with Amazon.
CBS Films even had some traction last year with what the filing called the division’s “second bona fide hit” in comedy “Last Vegas.”
Moonves’ paycheck breaks down to $3.5 million in base salary, plus another $28.5 million in bonus coin, $26.4 million in stock awards and $5.8 million in stock option awards.
As with most media congloms, CBS has faced criticism from corporate governance advocates for Moonves’ high pay package. But the proxy statement outlines the rationale and guidelines that determined the compensation structure, and by any measure CBS had a bang-up fiscal performance in 2013, with its stock climbing 62% last year and earnings per share rose 18%.
CBS chief operating officer Joseph Ianniello had a good year, taking in $24.5 million, nearly double the $12.2 million he earned in 2012. The spike came in part as a result of his promotion to COO.
The spike in Redstone’s compensation was due to the run-up of CBS’ stock price and the increase in value of options that have been treated as deferred compensation under his employment agreement with CBS.