Even though Time Warner’s chairman Jeff Bewkes pulled in a robust $19.6 million for 2009, that was down $2 million from the year before, reports Multichannel News.
While Bewkes’ $1.75 million salary was unchanged, Bewkes’ stock option awards were hit hard, dropping 43% to $3.04 million. And he received no bonus for 2009.
According to the report, "While the dismal state of the economy has dragged on all media companies, Time Warner fared well in 2009. Revenue was down 3% to $25.8 billion due to slumping ad sales, but cash flow rose a healthy 9% to $5.7 billion. The company also completed several strategic initiatives during the year, including the split off of its Time Warner Cable distribution arm, the separation of its AOL online unit and the launching of its TV Everywhere initiative."
John Martin, TW’s chief financial officer, also saw his total compensation dip 15% to $6.3 million.