You will be redirected back to your article in seconds

Time Warner’s Jeffrey Bewkes Gets Slight Pay Bump to $32.9 Million

Time Warner CEO Jeffrey Bewkes saw his compensation bump up slightly in 2014, a year in which the media conglom’s stock was driven upward first by Rupert Murdoch’s aborted summer buyout attempt and then by the ascendance of its HBO network.

Bewkes compensation package totaled $32.9 million in fiscal 2014, a notch ahead of the $32.5 million he made the year prior, which had seen a significant bump from his 2012 package totaling $25.9 million, according to an SEC filing Friday.

For the third year in a row, Bewkes’ base pay remained at $2 million, but he was awarded stock worth $7.9 million, options valued at another $7.9 million, in addition to $14.5 million in incentive pay.

The most dramatic compensation rise in the Time Warner executive suite went to chief counsel Paul T. Cappuccio, who jumped from $7.8 million to $8.7 million in 2014.  Marketing exec VP Gary Ginsberg saw his pay go from more than $4 million to $4.3 million-plus, while Olaf Olafsson, exec VP for international and corporate strategy, received an almost identical hike, from north of $4 million to more than $4.3 million.

New chief financial officer Howard M. Averill, who started at the beginning of 2014, registered a total compensation package of $8.2 million.

Time Warner’s stock hovered above $85 this week, near the high it reached when Murdoch floated an $80 billion offer last July to combine his 20th Century Fox with Time Warner. Faced with opposition, the Australian magnate backed away from the deal, at least temporarily.

Even without the financial impetus of Murdoch’s giant bid, Bewkes’ company has been thriving, in measure because of the preeminent position of HBO, which recently launched digital online subscription service HBO Now.

HBO captured headlines in recent weeks with John Oliver’s interview of cyber-hacker Edward Snowden and its documentary on real estate heir Robert Durst (“The Jinx”) preceding his arrest on murder charges. And the network’s “Game of Thrones” routinely tops social-media chatter.

Time Warner’s stock has increased by more than one-third from its position (roughly $62 a share) of a year ago.

More Biz

  • Here’s How Much Money 10 Artists

    Here’s How Much Money 10 Artists Are Owed by PledgeMusic

    For eight years, PledgeMusic was a success story: A direct-to-fan platform where artists worked directly with their audiences to fund their albums, tours and all stripes of merchandise, with fans able to purchase everything from custom guitar picks to private concerts. Yet last June, Variety broke the news that the company is struggling to pay [...]

  • Korea's CJ CGV Switches Turkey CEOs

    Korea's CJ CGV Switches Turkey CEOs as It Battles With Local Industry

    Yeun Seung-ro has been appointed as CEO of CGV Mars Entertainment, the Korean-owned company that operates Turkey’s largest cinema chain. He replaces Kwak Dong Won, another veteran of the CJ-CGV group. The change of personnel may reflect two ongoing battles within the Turkish film industry. CJ-CGV, which bought Mars for some $650 million in 2016. [...]

  • China Video Streaming Giant iQIYI Loses

    Chinese Video Giant iQIYI Loses $1.3 Billion in 2018

    Chinese video streaming firm iQIYI lost over $1.3 billion in 2018, as revenues and subscriber numbers ballooned. The deepening losses reflected ever higher spending on original content production. Announcing its first full-year financials since a March IPO that launched it onto the NASDAQ, iQIYI said that it lost $1.3 billion (RMB9.1 billion) last compared with [...]

  • Lisa Borders Time's Up

    Time's Up CEO Resigned After Son Was Accused of Sexual Assault

    Time’s Up has announced in a statement posted to Instagram that its former president and CEO Lisa Borders, who resigned Feb. 18, did so after her son was accused of sexual assault in a “private forum.” “Within 24 hours, Lisa made the decision to resign as President and CEO of Time’s Up and we agreed [...]

  • Louis Tomlinson Signs With Arista (EXCLUSIVE)

    Louis Tomlinson Signs With Arista (EXCLUSIVE)

    One Direction’s Louis Tomlinson has signed with Arista, sources tell Variety. While the singer was formerly linked with Epic Records in 2017, he is signed directly to Simon Cowell’s Syco label and will move within the Sony Music family to Arista. Tomlinson teased a new single on Feb. 2, posting on Twitter, “Just heard the [...]

  • Jussie Smollett

    Jussie Smollett's Bail Set at $100,000, Must Surrender Passport

    UPDATED: A Chicago judge set a $100,000 bond for Jussie Smollett on Thursday, as the “Empire” actor made his first court appearance. Smollett faces one felony count of filing a false police report. Police allege that Smollett staged a Jan. 29 attack, telling detectives that he was accosted by two men who used racial and [...]

More From Our Brands

Access exclusive content