Bloomberg News

Time Warner Cable Paid CEO $8.52 Million Ahead of Merger (1)

April 09, 2014

Time Warner Cable Inc.’s Rob Marcus, who’d been chief executive officer for less than two months when he gave the green light to Comcast Corp.’s (CMCSA:US) $45 billion takeover in February, was paid $8.52 million last year.

Marcus, 48, who was chief operating officer in 2013, received $1 million in salary, $4.69 million in stock and option awards and $2.73 million in non-equity incentive compensation, the New York-based company said in a filing today.

Marcus’s compensation last year is dwarfed by the golden-parachute payout he’s set to receive from the Comcast deal since becoming CEO in January: $79.9 million in cash, equity and benefits. The merger, which would combine the two largest U.S. cable companies to gain more leverage in negotiations with suppliers and TV-network programmers, awaits regulatory approval.

The Senate Judiciary Committee is examining the deal today, and may ask whether a bigger Comcast could harm smaller competitors. Philadelphia-based Comcast told regulators yesterday that it can offer advanced video services and spread high-speed Internet service without harming competition if it’s allowed to buy Time Warner Cable.

“I’m willing to look at hearings and examine the case more carefully than I have but I’ve seen a lot of mergers that have had a lot of promise and sometimes they have resulted in a lack of competition,” Senator John McCain, a Republican from Arizona, said today in an interview with Bloomberg Television.

Shares (TWC:US) of Time Warner Cable rose 1.8 percent to $138.34 at the close in New York. Comcast, led by CEO Brian Roberts, advanced 1.9 percent to $49.79.

Glenn Britt, who retired as CEO of Time Warner Cable at the end of the year, received $14.2 million in compensation in 2013. Britt was paid $17.4 million in 2012, when he netted larger stock and option awards and a bigger non-equity incentive payout.

Chief Financial Officer Artie Minson, who joined the company in May 2013 from AOL Inc., was paid $5.49 million last year. He is set to receive a payout of $27.1 million after the deal.

To contact the reporter on this story: James Callan in New York at jcallan2@bloomberg.net

To contact the editors responsible for this story: Sarah Rabil at srabil@bloomberg.net James Callan


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Companies Mentioned

  • CMCSA
    (Comcast Corp)
    • $58.09 USD
    • 0.02
    • 0.03%
  • TWC
    (Time Warner Cable Inc)
    • $151.95 USD
    • 0.80
    • 0.53%
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