Greedy CEOs

29 05 2012

Most of the media won’t say boo about this.  Wonder why.

Bloomberg:

Wall Street Titans Outearned by Media Czars

(snip)

Where do they go? Well if the theorem is true that they follow the money, then there should be a stampede back into professions such as the media industry, where top executives quietly hauled down a fortune in 2011 compensation. For instance, Les Moonves, the CEO of CBS Corp. (CBS), was paid $69.9 million in 2011. David Zaslav of Discovery Communications Inc. (DISCA) received $52.4 million, while Philippe Dauman at Viacom Inc. (VIA) was paid $43 million. Walt Disney Co. (DIS)’s Robert Iger got $31 million. Jeff Bewkes, at Time Warner Inc. (TWX), was paid $26 million in 2011.

Even the top executives at Comcast Corp. (CMCSA), Brian Roberts and Steve Burke, received compensation of $27 million and $24 million, respectively, despite their pay being cut 13 percent and 32 percent, respectively, from the previous year. (It’s worth noting that Comcast patriarch Ralph Roberts, now 92 years old and still a regular in the executive offices at the company, once again took $1 in compensation for 2011.)

Six media executives wound up in the top 15 of the Associated Press’s list of highest-paid executives released last week; not a single banker joined them. No doubt these talented executives are worth every penny of their exorbitant pay: Profits at their companies are up, as are stock prices. But one would be hard-pressed to remember the last time that the top pay at media companies outstripped that of Wall Street.

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