Viacom disclosed in a Securities and Exchange Commission filing on Wednesday that the contract Bakish inked in December runs through the end of 2019. He will earn $3 million a year in base salary, plus an annual cash bonus targeted at $7 million, although that bonus will be reduced by $250,000 for next year because of payments Bakish received after his initial elevation to acting CEO in October.
Under his deal as permanent CEO, Bakish is entitled to another $10 million annual in equity awards, split evenly between grants of stock options and performance share units.
In addition, Bakish on Monday was given equity compensation valued at $6.75 million owed him as a carry-over from his previous contract with the company. He is also entitled to receive a $5 million life insurance policy from the company.
Bakish was named Viacom’s acting president-CEO on Oct. 31. He got the permanent gig on Dec. 12, the same day that Viacom and CBS Corp. formally ended merger discussions.
In his role as acting CEO, Bakish was to have earned a annual salary of $2.5 million a year and another $2.75 million in his other role as CEO of Viacom’s Global Entertainment Group division. He would have been eligible for a $3.5 million cash bonus in his Global Entertainment Group role. In early November, after Bakish became acting CEO, he received stock grants valued at $3.25 million.
Bakish’s compensation package is far slimmer than the largess afforded to former Viacom chairman-CEO Philippe Dauman in recent years. The filing confirms that Dauman earned $93 million in salary, stock and option awards in his final tumultuous year as CEO. That compares to $54.1 million in 2015 and $44.3 million in 2014.