A new report details how much the top executives at Time Warner stand to take in now that the acquisition of the company by AT&T is poised to close.
CNN Money reports that the company’s top five execs will walk away with exit packages worth as much a a combined $180 million.
“CEO Jeffrey Bewkes will collect a little more than half of that money — about $97.7 million based on Tuesday’s closing price,” CNN reports. “Most of that will come from two sources — $33.2 million in severance, and the retention bonus he received in stock in February 2017. The shares he’ll get as part of that bonus are worth about $28 million, based on Tuesday’s closing price.”
The report notes: “Bewkes and the other top executives were each granted retention bonuses soon after the agreement to have AT&T buy Time Warner was announced in October of 2016. Those bonuses were put in place to ensure that they would stay through the arduous process of winning regulatory approval of the deal. The deal was approved Tuesday after a federal judge rejected Justice Department arguments that the combination violated antitrust laws.”
CNN adds: “The other top executives will also do very well. Chief Financial Officer Howard Averill has an exit package worth about $32.3 million, while Paul Cappuccio, the company’s general counsel will get $26.7 million. Gary Ginsberg, its executive vice president of marketing and communications, is due $12.2 million, while Carol Melton, its executive vice president of global public policy, will get an estimated $11 million.”