The CEO of media giant Time Warner took a pay cut in 2011, even as the company’s shares rose 12%, Bloomberg reports.

Jeff Bewkes’ compensation package dipped 1.5%, the story reports. Bewkes, 59, received $25.9 million last year, including a $13.5 million bonus and a $2 million salary, the story notes. The remainder of his compensation was from stock awards and benefits.

The package puts Bewkes at “the bottom of the pack among CEOs of Big Media companies that have already released proxy statements for 2011,” Deadline.com reports. But he still made more than the next three Time Warner executives combined and almost as much as the next four combined — with his compensation 3.9 times their average compensation, the Deadline story notes.

“Corporate governance watchdogs consider it troublesome when a CEO makes more than three times the average for the company’s other top officers,” Deadline notes.