Edgar Bronfman Nets $21.7 Million From WMG Sale
June 15, 2011 at 3:46 AM (PT)
WARNER MUSIC GROUP CEO EDGAR BRONFMAN JR. is about to pocket $21.7 million -- including a $16.8 million "golden parachute" -- as a result of the company's pending $3.3 billion sale to LEN BLAVATNIK'S ACCESS INDUSTRIES (NET NEWS 5/6).
THE NEW YORK POST reports, "The parachute, which is subject to shareholder approval, consists of unvested stock options and restricted stock valued at $3.3 million and $13.6 million, respectively, that will vest as a result of the proposed sale. BRONFMAN will also pocket $4.88 million in vested stock options, which, along with the $3.3 million in unvested options, will net him $8.1 million in stock-option pay."