Time Warner's (NYSE:
) Chief Executive Officer Jeff Bewkes compensation fell 1.5% last
year as the company failed to exceed financial targets by as much
as in 2010.
Bewkes earned $25.9 million in 2011, mostly comprised of stock
and benefits with $2 million in salary and a $13.5 million bonus.
In 2010 he earned $26.3 million, including a $14.4 million bonus,
as his pay climbed 34%.
Time Warner profit increased 12% last year to $2.89 billion and
revenue increased 8% to $28.9 billion. In 2010 revenue rose 6% to
$26.9 billion. More than 70% of the company's annual operating
income comes from television shows, including One Tree Hill and The
Ellen DeGeneres Show. The company also produces videos, like Lord
of the Rings and Happy Feet, and video games based on its other
Time Warner is returning money to shareholders instead of the
CEO. The company rose its quarterly dividend 11% to 26 cents, it
announced in February. It also announced estimated earnings growth
in the low double digit range.
Bewkes' millions of dollars in compensation look paltry in
comparison to his peers in the media and entertainment business.
David Zaslav, Discovery Communications (Nasdaq:
) chief executive officer, earned $52.4 million in 2011 as the
company's revenue climbed 12% to $4.2 billion. Most of his
compensation came from stock packages awarded in 2008. Discover
stock has climbed from about $15 to more than $50 since the package
was awarded despite recent less-than-stellar productions including
OWN: Oprah Winfrey Network and HUB, a kids network.
Walt Disney (NYSE:
) Chief Executive Officer Robert Iger earned $31.4 million last
year. The board justified Iger's compensation as the company earned
record net income, revenue and earnings per share in fiscal 2011,
along with expanding Disney theme parks in Florida, California and
Hong Kong, and forming a joint venture to create a new park in
), owner of networks like Nickelodeon, MTV and VH1, compensated
Chief Executive Officer Philippe Dauman with $43 million in 2011.
Even though his pay represented a nearly 50% pay cut from 2010 when
he earned $84.5 million, Bauman still took home $20 million in a
cash bonus and $19.3 million in stock and options grants.
New York-based Time Warner company reported a 2% increase in
advertising sales in 2011 and a 5% increase in subscription fees
for TV shows. Bewkes's employment agreement ends Dec. 31, in case
he decides to seek higher pay elsewhere.
(c) 2011 Benzinga.com. All rights reserved. This material may not
be published in its entirety or redistributed without the approval