CBS's Moonves Receives 29% Pay Raise
April 14, 2008 at 4:02 AM (PT)
CBS CORP. CEO LESLIE MOONVES got a 29% bump in his compensation in 2007, reaping a package valued at $36.8 million, according to a proxy filed with the Securities and Exchange Commission, writes THE WALL STREET JOURNAL. The compensation package, ranking among the biggest in the media industry, was awarded in a year in which CBS' stock fell about 13% and its net income tumbled 25%. While the company generated significant cash last year, its core TV and radio businesses stumbled.
Shares in CBS, which has a market value of about $15 billion, have steadily declined from a high of $35.75 last JULY, falling about 20% so far this year. The stock was just off its 52-week low at $21.40 in 4p composite trading on the NEW YORK STOCK EXCHANGE FRIDAY.
Asked to comment on the compensation, a CBS spokesman said in a statement: "A significant portion of his reported compensation in 2007 is related to stock that was given to him in past years and was required to be reported this year, as well as some overlapping reporting of stock-based compensation from his old deal and new deal."
As part of a new employment contract, MOONVES receives a lower base salary and more equity-based compensation. However, that didn't kick in until OCTOBER of last year.