MUMBAI: US media conglomerate CBS CEO Leslie Moonves earned $62.2 million last year, according to a regulatory filing. This was an 11 per cent reduction compared to 2011.
Compensation for CBS executive chairman and controlling shareholder Sumner Redstone rose to $31.3 million from $20.2 million in 2011.
CBS said, "Under Mr. Moonves‘ leadership, CBS posted record results in 2012, with its highest revenues, operating income, and [earnings per share] since it became a standalone company in 2006. During this same year, CBS stock was up 40 per cent.
"This is the fourth consecutive year that the company‘s performance significantly exceeded the S&P 500, resulting in a four-year period, during which CBS stock appreciated by approximately 15 times. In addition, the company‘s content once again led the industry in 2012, and CBS was at the forefront of monetizing that content in a host of new, incremental ways. Mr. Moonves‘ compensation is reflective of all this success."
After Moonves non-fiction broadcaster Discovery CEO David Zaslav was the next highest-paid media executive in the US with $49.9 million in total compensation last year, based on Securities and Exchange Commission rules. Disney chairman, CEO Robert Iger made $40.2 million last year according to company filings.