NEW YORK (AP) - Jeff Bewkes, who took over as CEO of the media conglomerate
Time Warner Inc. this year, received compensation valued at $19.4 million in
2007, according to a regulatory filing made Friday.
That represented an increase of 30 percent over the compensation package he
received the year before, when he was still chief operating officer. Bewkes
became CEO on Jan. 1, succeeding Richard Parsons.
Bewkes received overall compensation valued at $14.9 million in 2006, with
the difference due to the estimated value of stock and options awards he
received in the two years.
Bewkes' base salary was unchanged in 2007 at $1.25 million, while his bonus
edged down to $7 million from $7.5 million the year before.
Parsons, who was CEO during 2007 and is still serving as chairman, received
overall compensation valued at $18.1 million last year, a slight decrease from
$18.4 million the year before.
Parsons' base salary was also unchanged at $1.5 million, while his bonus
decreased to $7.5 million from $8.5 million.
Time Warner has struggled for several years with a stagnant stock price, and
investors have been pressing the company to further restructure its sprawling
portfolio of assets and take action to revive its flagging AOL subsidiary.
Bewkes indicated in his first conference call about earnings that the
company would separate AOL's declining dialup Internet access business from its
rapidly growing online advertising operations -- a move that could presage a
deal to sell off some or all of AOL.
Bewkes also said the company would consider what to do with its 84 percent
ownership of its publicly traded cable TV subsidiary, Time Warner Cable, which
is the second-largest cable company in the country behind Comcast Corp.
Time Warner is the largest media conglomerate by revenues, with businesses
that include Time Warner Cable, Warner Bros., the magazine publisher Time Inc.,
AOL and a group of cable channels that includes HBO, CNN, TBS and TNT.
The Associated Press' calculations of total compensation include salary,
bonus, perks, and the estimated value of stock options and awards granted during
the year.
The calculations don't include changes in the present value of pension
benefits and sometimes differ from the totals that companies report in the
summary compensation table of proxy statements filed with the Securities and
Exchange Commission.
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