Bloomberg News

Liberty Pays Chief Maffei 50 Percent More Than Malone

April 02, 2007

Liberty Media Corp. paid Chief Executive Officer Greg Maffei $6.43 million last year, almost 50 percent more than Chairman John Malone.

Maffei's pay included $1 million in salary, a $625,000 bonus and $1 million in incentive pay, Englewood, Colorado-based Liberty said today in a regulatory filing. Malone, who appointed Maffei a year ago, got a total pay of $4.39 million.

Maffei, who started in February 2006, separated the QVC home-shopping channel from Liberty Capital to simplify the company's structure. He also engineered the $11 billion asset swap with Rupert Murdoch's News Corp. that will give Liberty control of DirectTV Group Inc., the largest U.S. satellite television service.

Shares of Liberty Capital fell $1.15 to $109.44 as of 4 p.m. New York time in Nasdaq Stock Market trading, and have jumped 56 percent since they began trading last May. Liberty Interactive (LINTA:US), up 14 percent in the same period, fell 35 cents today to $23.47. In the same period, the Nasdaq Composite Index has climbed 4.2 percent.

Liberty also gave Maffei, 46, options worth $3.3 million and $525,000 in perquisites, mostly for use of the corporate jet to commute to Denver from Seattle.

Malone, 66, received a salary of $2,600 and the same bonus as Maffei in 2006. He got no incentive pay and received options valued at $2.9 million, plus $667,000 in other compensation.

The price increase in Liberty's tracking stocks benefited Malone, who owns about $1.57 billion in four classes of tracking shares, or about a 5.1 percent economic interest in Liberty Media. He controls 32 percent of the voting interest

At today's close, Malone's holding in Liberty Capital's 807,000 Class A and 5.96 million Class B shares totaled about $750 million. His 4 million Class A and 29.8 million Class B shares of Liberty Interactive were valued at $823 million.

To contact the reporter on this story: Cecile Daurat in New York at cdaurat@bloomberg.net

To contact the editor responsible for this story: Emma Moody at emoody@bloomberg.net.


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