Bloomberg News

CBS CEO Moonves Reaps $200 Million in Pay Over Three Years (1)

April 11, 2014

CBS CEO Leslie Moonves

Leslie Moonves, president and chief executive officer of CBS Corp., saw his total pay rise 7.7 percent in 2013, mostly in stock and bonuses, according to a filing by New York-based CBS. Photographer: Jonathan Alcorn/Bloomberg

Leslie Moonves, chief executive officer of CBS Corp. (CBS:US), received $66.9 million in compensation last year, bringing his three-year total to almost $200 million and highlighting the rich payouts in media.

His boss Sumner Redstone, who also draws a paycheck as chairman of Viacom Inc. (VIAB:US), got $109 million from CBS over those same years, according to a regulatory filing (CBS:US) today.

The sums are among the highest reported so far for 2013 by companies in the Standard & Poor’s 500, and show the media industry continues to lavish generous pay on its CEOs. Both men last year received more than the $52.5 million paid to Nolan Archibald, retired chairman of Stanley Black & Decker Inc. (SWK:US) His pay had been the highest at 338 S&P 500 companies that had filed 2013 statements, according to data compiled by Bloomberg.

“This is the fifth consecutive year that the company’s performance significantly exceeded the S&P 500, including a period during which CBS stock appreciated by more than 20 times,” Dana McClintock, a spokesman, said in an e-mail.

As of April 9, Viacom CEO Philippe Dauman was second in total pay at $37.2 million. Robert Iger, chairman and CEO of Walt Disney Co., checked in with $34.3 million for third place, and David Zaslav, who runs Discovery Communications Inc. (DISCA:US), received $33.3 million, good for fourth, Bloomberg data show.

Brian Roberts, chairman and CEO of Comcast Corp., the largest U.S. cable company, received total compensation of $31.4 million, while Steve Burke, CEO of the company’s NBCUniversal division, collected $31.1 million, according to a filing today.

Media Stocks

Moonves, 64, who runs the most-watched TV network, saw his total pay rise 7.7 percent in 2013. That includes a bonus of $28.5 million, $26.5 million in stock awards and $5.85 million in option awards, according to the filing. Moonves’s salary held steady at $3.51 million.

Redstone, CBS’s 90-year-old chairman and controlling shareholder, almost doubled his annual compensation to $57.2 million, the filing shows. That included a $10 million bonus and a $45.4 million change in the value of his pension. At New York-based Viacom, owner of Comedy Central and MTV, Redstone received total compensation of $36.2 million in 2013, up 77 percent from the year earlier.

Among the 15 companies that make up the S&P 500 media index, CBS was the top-performing stock last year with a gain of 68 percent. It also led over the past three years by more than tripling. Viacom, also controlled by Redstone, was No. 2 in 2013 with a 66 percent increase.

CBS is benefiting from two rising sources of revenue: advertising sales and subscriber fees from cable and satellite TV customers. The company’s sales increased 8.5 percent to $15.3 billion last year.

The shares fell 2.2 percent to $58.68 at the close in New York to give it a decline this year of 7.9 percent, while Viacom declined 1.1 percent to $81.94, increasing its drop this year to 6.2 percent.

To contact the reporter on this story: Rob Golum in Los Angeles at rgolum@bloomberg.net

To contact the editors responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net Ben Livesey


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Companies Mentioned

  • CBS
    (CBS Corp)
    • $54.24 USD
    • 0.77
    • 1.42%
  • VIAB
    (Viacom Inc)
    • $71.84 USD
    • 2.84
    • 3.95%
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