One of the biggest executives in the media business has taken a massive pay cut. Bloomberg reports that Sumner Redstone, executive chairman of Viacom Inc. and controlling shareholder in the media giant, received a cut of about two-thirds to his total compensation in 2014.
Redstone’’s total shrank to $13.2 million, the piece reports, attributing the change to a smaller gain in his pension. Redstone, 91, also controls CBS Corp. and his net worth, according to the Bloomberg Billionaires Index, is $5.4 billion.
The company’s CEO, Philippe Dauman, meanwhile, received a raise, with his compensation rising to $44.3 million, up from $37.2 million in 2013.
The report cites a regulatory filing late last week by Viacom Inc., which owns MTV, Nickelodeon and other channels.