The executive who is recognized as the highest-paid CEO in the media industry took a pay cut in 2012. Writing in the Los Angeles Times, Joe Flint reports that CBS Chief Executive Leslie Moonves remains in the top spot, earning $62.2 million last year.
That represents a cut from 2011, when his pay package was worth nearly $70 million.
For 2012, Moonves received a base salary of $3.5 million and a bonus of $27 million. The remainder of his pay package was in stock awards and option awards.
"Moonves is far and away the most well-compensated media executive for 2012,” Flint writes. “Discovery CEO David Zaslav had a package valued at almost $50 million. Walt Disney Co. CEO Bob Iger’s compensation had a value of $40.2 million. Time Warner CEO Jeff Bewkes’ package was valued at $25.9 million."
CBS pointed to record results in 2012, noting that "Moonves’ compensation is reflective of all this success."
Sumner Redstone, the chairman of CBS, received a raise, earning a package worth $31.3 million, up from $20.3 million in 2011. The jump was attributed to an increase in the value of his pension, the story notes.