The recession continued to be but a
memory for media moguls, with CBS chief executive Les Moonves being the latest
to reap a double-digit percentage increase in total compensation in 2010,
raking in nearly $58 million in salary, bonus and incentive pay.
According to a proxy statement filed
Friday, Moonves received $3.5 million in base salary, a $27.5 million bonus (an
83% increase from his $15 million bonus in the previous year), $8 million in
stock awards and $14.9 million in option awards. In total, Moonves earned $57.7
million, a 33.6% increase from his $43.2 million haul in 2009.
Under Moonves' watch CBS stock rose
36% ($5 per share) in 2010, inked a landmark $10.8 billion deal with Turner
Broadcasting System for coverage of the NCAA Division I Men's Basketball
Championship
and reaped huge increases in retransmission consent revenue for its broadcast
stations. On the cable side, its Showtime Networks premium channel, CBS College
Sports Networks (now CBS Sports Network) and Smithsonian Networks reported a
9.5% increase in revenue and a 23% rise in operating income before depreciation
and amortization in 2010.
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