iWorld

After megamerger with AT&T, five Time Warner executives set for $180 million payout

https://www.indiantelevision.com/sites/default/files/styles/smartcrop_800x800/public/images/tv-images/2018/06/15/time.jpg?itok=atSjGQFK

MUMBAI: Patience, they say, is a virtue. And sometimes, patience pays . Just ask Time Warner’s top five executives who will  will walk away with combined exit packages worth $180 million after their company’s merger with AT&T was approved by a federal court. The $85 billion deal between the two giant corportations has been two years in the making.

Among those who hit pay dirt, CEO Jeffrey Bewkes top the list. He will collect close to $97.7 million, according to a report on CNN money. Bewkes received a retention bonus in stock in February 2017. Based on Tuesday’s closing price, he will get shares worth $28 million as part of that bonus. Other than that, the 66-year-old will take home $33.2 million in severance.

Chief financial officer Howard Averill’s exit package is worth about $32.3 million, while Paul Cappuccio, the company's general counsel, will get $26.7 million. Executive vice president of marketing and communications Gary Ginsberg is due $12.2 million, while Carol Melton, executive vice president of global public policy, will get an estimated $11 million.

When the deal  between AT&T (T) and Time Warner (TWX) deal was first announced in 2016, Bewkes and the other top executives were each granted retention bonuses. For companies involved in a merger, handing retention bonuses and severance packages to top executives is standard procedure.

However, it must be noted that these executive payouts are tied to the company's performance and depend on when these individials leave the organization. The  executives who decide to stay put in the the merged company won’t be given a severance check.

Also Read:

AT&T, Time Warner’s merger cleared by court

AT&T unveils live video streaming service, DirecTV Now

Latest Reads

https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2020/06/01/voot.jpg?itok=7mt4-WGx
VOOT Studio collaborates with Indian Cancer Society on World No Tobacco Day

MUMBAI: On this World No Tobacco Day, India’s premium video on demand platform VOOT has partnered with Indian Cancer Society on its World No Tobacco Day 2020. The campaign endeavors to raise awareness about the health hazards of smoking and tobacco usage. Executed by VOOT Studio, the short and high...

iWorld Over The Top Services
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2020/06/01/epic.jpg?itok=8mZPKs5P
EPIC ON partners with CloudWalker

MUMBAI: EPIC ON, the premium OTT platform known for its diverse India-centric content by IN10 Media Network, today announced a significant partnership with leading online smart TV brand CloudWalker. This partnership enables EPIC ON to be pre-embedded into CloudWalker smart screens and smart TVs,...

iWorld Over The Top Services
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2020/06/01/tata.jpg?itok=zCkcKgri
Tata Sky launches new, improved offer on Tata Sky Binge+ Android STB

MUMBAI: Tata Sky announced a new and improved offer on India’s next-generation Android set-top box Tata Sky Binge+, aimed at providing customers an upgraded and immersive content-viewing experience. Introduced at a subsidised rate of Rs 3,999, the new offer will enable subscribers to watch both...

iWorld Over The Top Services
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2020/06/01/tvv_0.jpg?itok=PwOmbjvd

Photo by Julia Coimbra on Unsplash

Indian OTT platforms dish out special fare for kids

Streaming services have started taking the central stage of entertainment in Indian living rooms for quite a while now, catalysed more by the Covid2019 crisis. But it’s not possible to lay a strong foundation if the new-age entertainers don’t have anything in store for those loved little ones.

iWorld Over The Top Services
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2020/05/31/hbo_1.jpg?itok=igAgBtE5
Fifteen new HBO Max originals coming to Warner Media platforms in Asia

MUMBAI: With the launch of HBO Max in the United States on May 27, Warner Media has confirmed that a first wave of at least 15 HBO Max Originals will land on HBO GO and channels in Asia in 2020. Most shows will be available first on HBO GO, such as The Not-Too-Late Show with Elmo and Love Life...

iWorld Over The Top Services
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2020/05/30/nodwin.jpg?itok=Y79ZVQ4s
NODWIN Gaming and Airtel announce partnership to take e-sports in India to the next level

MUMBAI: NODWIN Gaming, South Asia’s leading e-sports company, announced a partnership with Bharti Airtel to further grow e-sports in India. The partnership has been kicked off with the launch of Airtel India ESPORTS TOUR, which is the first and largest property of its kind in this segment. Airtel...

iWorld Gaming
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2020/05/30/pubg.jpg?itok=yNWoCfdX
PUBG Mobile welcomes Airtel as preferred network of PMPL league

MUMBAI: As part of its mission to enable a superior and highly differentiated digital experience for its customers, Bharti Airtel will start supporting the esports dreams of millions of Indians. Airtel will power the PUBG MOBILE Pro League (PMPL) as the preferred network of the coveted esports...

iWorld Gaming
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2020/05/30/imssss.jpg?itok=SGusWNTN
Instant messaging app imo raises awareness among millions in the wake of Covid-19 pandemic

imo, a free video calling and instant messaging app, has taken slew of initiatives to raise awareness and put a check on misinformation about Covid-19 pandemic. The efforts by imo were carried out at a global level. With a comprehensive dashboard furnishing verified information, the app has kept...

iWorld Video On Demand
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2020/05/29/chumbak.jpg?itok=TfS2CZRm
The Script Room completes one year with 41 films over five brands

MUMBAI: - Having successfully created over 40 ad films across youth brands like Netflix, OYO, Chumbak, Beck’s Ice and Groww, a financial services app, The Script Room, a fast-growing writers' hub is celebrating its one-year completion amidst lockdown. A company born out of an enthusiastic and...

iWorld Over The Top Services

Sign up for our Newsletter

subscribe for latest stories

* indicates required