Jump to content

Moonves salary drops


Sylph

Recommended Posts

  • Members

Leslie Moonves’ salary drops by a third

CBS Corp. CEO's cash bonus cut nearly in half

Associated Press


CBS Corp. CEO Leslie Moonves was awarded compensation in 2008 valued at $20.8 million, down 69% from a year earlier, according to an Associated Press review of a recent securities filing.

Moonves, 59, took in a salary of $3.5 million, down a third from $5.3 million in 2007, according to the proxy statement filed with the Securities and Exchange Commission on Friday.

His cash bonus was cut nearly in half to $9.5 million, from $18.5 million a year earlier. Other compensation, including personal use of company aircraft and company-paid life insurance, fell 27% to $229,981 from $314,759.

Moonves also was awarded restricted stock units based on performance that the company valued at $7.6 million when they were granted Oct. 1.

But the New York-based company said the market value of those awards had fallen to about $4.3 million by Dec. 31. That calculation is a rough estimate because the actual award level is based on an evaluation of free cash flow in the year after they were granted.

CBS stock fell 67% from $24.62 on Dec. 31, 2007, to $8.07 on Dec. 31, 2008.

Its network of local TV and radio stations have been hammered by an advertising slowdown, made worse by the troubles in the auto and financial sectors.

By the same calculations, controlling shareholder Sumner Redstone, 85, was awarded compensation in 2008 valued at $15 million, up 5% from $14.3 million a year earlier, the filing showed.

Redstone, who controls 81% of the voting rights in CBS, saw his salary dip to $1 million from $1.4 million, but his bonus grew to $5.5 million from $4.8 million. Other compensation, including his private use of company aircraft, fell to $17,418 from $72,177 a year earlier.

Redstone was awarded stock options and performance stock units valued at $8.5 million when they were granted. But the company said stock awards valued at $4.6 million when granted on Jan. 1, 2008, were worth only $925,708 by year end.

Similarly, it said options to buy stock at $23.96 and $15.39, worth a total of $3.9 million when granted, were now "underwater" because the share price made it unprofitable to purchase them at that price. CBS shares closed at $6.01 Monday. The value of those options could increase over time if the share price rises.

The AP compensation formula is designed to isolate the value the company's board placed on the executive's total compensation package during the last fiscal year. It includes salary, bonus, performance-related bonuses, perks, above-market returns on deferred compensation 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 they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the Securities and Exchange Commission, which reflect the size of the accounting charge taken for the executive's compensation in the previous fiscal year.


http://www.hollywoodreporter.com/hr/content_display/television/news/e3i9c779034c7476d10e2eba19f9faa1fbc

Link to comment
Share on other sites

  • Replies 0
  • Created
  • Last Reply

Archived

This topic is now archived and is closed to further replies.

  • Recently Browsing   0 members

    • No registered users viewing this page.



  • Recent Posts

    • To me, that made no difference. The point stands whether Eva wants to be a Dupree or not. Anita was 110% on top of things. Also it's a logical inference that Eva might be interested in having a place in her supposedly real family. Frankly though I wonder if Eva knows how to feel ... yet. She could really be confused.
    • Does Jack ever dress in drag during that early '00s period where he was trying to get Jennifer back...or does he just fake being gay around then?
    • Here you go, by special request! https://www.instagram.com/p/DJlXDnWJImW/ DAYS 9-26-90 Matt Ashford as Jack Deveraux in drag
    • Concluding 1976... Raymond Schafer arrives in Springfield and begins an extensive probe into Malcolm’s death, puzzling Ed, who wonders why most of Schafer’s question sessions keep turning back to Rita’s involvement with Malcolm. Ed assures the man that Rita’s only connection with Malcolm was as his nurse; he is unaware that Schafer knows a great deal more about Rita than he does. Just to protect Rita, Ed has Mike check on Schafer’s credentials, and learns that he’s a  well-respected criminal attorney. The waitress at the restaurant where Malcolm suffered his stroke tells Schafer that the woman who was with him reacted very professionally to the sudden emergency, as if she were a nurse. Realizing that her little sister has fallen hard for Tim, Rita warns him that she’s very vulnerable and innocent, but Tim tells Rita her advice isn’t necessary. But Tim then receives a plum job offer to be chief neurological resident at a prestigious Philadelphia hospital and can’t pass up the opportunity. Evie is crushed by the news and spends the next several days at home crying. Joe Werner, fully recovered, has accepted a post as a medical aide in a destitute village in India and leaves alone, with Sarah to follow him later. Justin asks Sarah to consider a partnership with him in private practice, but she explains that she thrives on the hospital atmosphere. When a call comes from India that Joe has had another massive attack, Sarah leaves on the next available flight and arrives only moments before he dies. The painful news is relayed back to Cedars at once. Sara returns from India a heartbroken woman, but the day-to-day involvement of raising T.J. and of her career seem to be her salvation. Justin shows a surprisingly compassionate and understanding side to Sara, but, ironically, Justin’s ex-wife, Jackie, arrives in Springfield with her diabetic father, who is suffering from a heart attack. In the process of consulting with Justin on her father’s condition, Jackie comes face to face with Sara for the first time since their college days. Evie’s heartbreak at Tim’s departure turns to fury and hatred when she inadvertently discovers a letter which Tim wrote to Rita just after he left. In it he concedes that Rita was right about Evie’s vulnerability where he was concerned but reminds Rita that he badly hurt her in the same way she feared Evie would suffer. Evie is now sure that Rita somehow forced Tim to leave town and is livid at the idea that Tim was Rita’s lover. She insists she’s cutting off her relationship with Rita and will pay her back for any help she’s received in the past. Ben and Hope’s wedding plans are off, as Ben, while still insisting he’s innocent, won’t explain why the robbery evidence points to him. Hope feels his unwillingness to tell her the truth makes marriage to him impossible, but confides to Ann that she is miserable without him. Ben has echoed these sentiments to Mike but won’t confide in him, either as Hope’s father or as an attorney.   Holly is trying very hard to build a life without Ed, but since she sees him virtually every day at work,she’s unable to put him out of her mind. She accepts a date with a member of the hospital administration staff but is unable to avoid making comparisons between Ed and this young man and winds up alone, sadly holding Ed’s picture and recalling how much she loves him. Believing that the hospital board’s conclusions on Grainger’s death have settled the question once and for all, Rita has regained her self-confidence, and her romance with Ed is growing daily. They admit their love for each other, and Ed confides that he intentionally  held back with Rita for fear of making another mistake. Rita then tells Ed she has never married because for her marriage must be forever. Rita’s mother realizes that Rita is truly in love when she confides in her that she doesn’t understand why she’s been so lucky in having him love her and how she wants to be the very best person she can be for him. Ed proposes marriage to Rita and gives her time to think about it before answering. Rita painfully realizes that her past could, if it rose again against her, make a life with Ed a lost dream. But Raymond Shaefer has been quietly but efficiently carrying on his investigation and has learned that Grainger argued with Rita at her apartment. He presents the evidence he’s compiled to District Attorney Eric Van Gelder, who decides the case warrants further investigation. Rita goes to Ed’s office to tell him she loves him but can’t marry him, that she doesn’t deserve him and “can’t do it to him.” As she turns from a confused Ed to leave, she finds the district attorney and a police officer outside Ed’s door, waiting to arrest her. Ed, insisting that a serious mistake has been made, calls Mike to help her as Rita, shocked and humiliated, is taken under arrest through the hallways of the hospital in which she works. Mike manages Rita’s release on bail only after she has had to submit to the degrading booking procedure. Mike sees her alone at her apartment, explaining he can help her only if she tells him the whole truth. Rita equivocates until Mike mentions Texas, indicating to Rita that he knows at least some of the story. Van Gelder has, in fact, let Mike see the bulk of evidence in the case against Rita, to convince him her arrest wasn’t a capricious whim. Rita explains to Mike that Malcolm believed she intentionally vilified him to his father, to do him out of his rightful inheritance, and then wanted his father dead to collect her money. Mike expresses his appreciation of Rita’s honesty, promising to help her. But Rita’s tormented dreams confirm that she hasn’t yet told all the truth, and after Peggy visits, expressing firm support, Rita tells Roger she has to reveal his part in the story. Roger painfully tells Rita about his being Christina’s father to show her that if Ed knew, it would end Rita’s chances with him forever. Rita, who was ready to tell Ed the whole story, now realizes how risky that would be. Adding to Rita’s pain is her forced leave of absence from the hospital until she’s cleared and the embarrassment of seeing her name in the headlines.
    • Please register in order to view this content

         
    • Yes, but the stories are all pretty awful Seeing Victor rehashing his hatred of the Abbotts  when he married one of them and has a daughter that is half Abbott as well as walking around with Traci's daughter's heart keeping him alive makes him look worse than he already is. And I remember he and Jack chatting amicably in the past few years. Victor interfering in Kyle/Claire is just repeat of Billy/Victoria. Sharon, Nick,Phyllis etc are around but again the stories are lacking.
    • I think Kevin's 1996 Emmy was fair enough. He barely appeared for his second. I don't think anyone else on the list is that deserving but I might have gone with Moore as he did try with the whole Keesha AIDS story. @alwaysAMC Thanks to slick jones' cast list I was able to see that Nikki Rene played Tina. Not much on her, as you mentioned. Tap and a few Broadway listings (it doesn't help that a younger actress with a similar name is in a lot of roles). Nikki Rene: Credits, Bio, News & More | Broadway World https://onceonthisisland.fandom.com/wiki/Nikki_Rene Nikki Rene - IMDb
    • Thank you. That does ring a bell. I remember Theresa and Julian's drunk, giggly fake wedding (with Julian asking "Whassup?" to the minister). Was Bruce tricking the pair as a prank, or did somebody put him up to it? I especially liked Katherine recalling how dashing young Alistair was when he'd pick up Rachel for dates, and how she wished she could be her sister, then feeling guilty once Rachel had her boating accident ...
    • And Kevin Mambo beat Shemar Moore for those two Emmys. I chalk up the wins to the voters not wanting Jonathan Jackson to eventually end up with a five peat (he won 1995, 1998, 1999). These were the 1996 and 1997 Younger Actor races. 1996: Nathan Fillion, Jonathan Jackson, Kevin Mambo (winner), Shemar Moore, Joshua Morrow 1997: Steve Burton, Jonathan Jackson, Kevin Mambo (winner), Shemar Moore, Joshua Morrow
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use and Privacy Policy