By William Launder
CBS Corp. Chief Executive Leslie Moonves earned total
compensation valued at $66.9 million in 2013, roughly 8% higher
from the previous year, according to a company regulatory filing on
Friday.
The increase in total compensation was largely because of higher
stock awards, valued in total at $26.5 million, and a slightly
higher bonus of $28.5 million, CBS said in its annual "proxy
filing." Mr. Moonves' salary was unchanged at $3.5 million, while
the value of stock options he was awarded fell to $5.8 million from
$16.3 million.
Mr. Moonves is one of the media industry's highest-paid
executives, having guided CBS to become a top-rated broadcast TV
network in recent years.
In 2013, CBS reported revenue of $15.3 billion, an 8.5%
increase, driven by higher ad revenue, licensing and distribution,
and affiliate and subscription fees. The company's net earnings for
the year were $1.88 billion, up more than 19%.
Sumner Redstone, the company's controlling shareholder and
executive chairman, earned total compensation valued at $57.2
million in 2013. That was 83% higher than in 2012, although the
increase was because of changes in the value of his pension. Mr.
Redstone earned a salary of $1.8 million and a bonus of $10
million, unchanged from the previous two years.
Write to William Launder at william.launder@wsj.com
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