CBS CEO Moonves' pay hits $68 million in 2011

LOS ANGELES (AP) — CBS Corp. shares have been steadily rising over the last three years, and that has helped boost the pay of its chief executive, Leslie Moonves.

Moonves' pay package for 2011 rose 20 percent to $68.4 million from a year ago, according to an Associated Press review of a securities filing made Friday.

Although that's not close to the $378 million pay package awarded to Apple Inc. CEO Tim Cook in 2011, the sum will likely rank Moonves among the highest paid American CEOs last year.

In 2010, Viacom Inc.'s Philippe Dauman led all CEOs with an $84.5 million haul, mainly because of a new contract that granted him shares and stock options. Last year, Dauman's pay fell to $43 million.

Moonves, 62, and Dauman, 58, have another thing in common: They both work for octogenarian billionaire Sumner Redstone, who controls more than 79 percent of the voting stock in both companies.

Most of the bump in Moonves' pay was due to the expected grant of 3.6 million stock options in March 2011, the second of two installments he secured when he redid his employment contract in February 2010.

The rising stock price inflated the value of the new grant of options to $27.3 million, up from $14.9 million the previous year.

CBS shares rose 42 percent to $27.14 from $19.05 last year and are up significantly from their all-time low close of $3.09 in March 2009, when the recession hit media companies hard because of an advertising downturn.

Since then, Moonves has helped CBS generate more revenues from sources other than advertising. CBS has sold older shows for online distribution on Netflix and Amazon and garnered new fees from cable and satellite TV companies for the right to carry the signals of CBS TV stations.

That has prompted some analysts to re-evaluate the company. Last month Bernstein Research analyst Todd Juenger said these new deals mean that even if advertising levels fell to the depths of the recession again, CBS shares this time would dip only as low as $13.

Moonves' contract runs through February 2015.

Redstone, 88, had a pay package that was unchanged at $20.3 million.

The Associated Press formula calculates an executive's total compensation during the last fiscal year by adding salary, bonuses, perks, above-market interest the company pays on deferred compensation and the estimated value of stock and stock options awarded during the year. The AP formula does not count changes in the present value of pension benefits. That makes the AP total slightly different in most cases from the total reported by companies to the Securities and Exchange Commission.

The value that a company assigned to an executive's stock and option awards for 2011 was the present value of what the company expected the awards to be worth to the executive over time. Companies use one of several formulas to calculate that value. However, the number is just an estimate, and what an executive ultimately receives will depend on the performance of the company's stock in the years after the awards are granted. Most stock compensation programs require an executive to wait a specified amount of time to receive shares or exercise options.

  • 2015 Nissan Murano aims for the style-forward crowd 12 hours ago
    2015 Nissan Murano aims for the style-forward crowd

    Nissan says its 2015 Murano crossover, only the second major revamp of the car since it debuted in 2003, draws its design cues from the “age of future space flight.” That’s probably taking it a little far, but the new Murano, based off the 2013 Resonance concept vehicle, is an exceptionally lovely machine, all fluid, curved metal on the outside, and flowing, soft-touch materials on the inside. Certain kinds of comfort and charms that were unheard-of outside of premium vehicles five years ago have definitely trickled down, and reached a kind of design apotheosis with this car.

  • Volkswagen brings new (ish) Jetta to New York along with Golf Sportwagen 15 hours ago
    Volkswagen brings new (ish) Jetta to New York along with Golf Sportwagen

    With its new President and CEO of America, Michael Horn, on stage in New York after just 100 days on the job, Volkswagen debuted its 2015 Jetta. You'd be forgiven for noticing little differences compared to the outgoing model, and in the words of Horn himself, the changes are indeed subtle. The most notable of those subtleties is the all-new 2.0 liter turbo diesel motor, offering 45 mpg highway and a modest increase of 10 hp. For VW, diesel is where it's at.

  • With Vantage GT, Aston Martin races below $100,000 15 hours ago
    With Vantage GT, Aston Martin races below $100,000

    Aston Martin is going downmarket, sort of. The 2015 Vantage GT, a sport-styled variant of Aston’s legendary flagship car, draws style and performance tips from their GT4 race cars, which will be running in North America this year. It’s also priced at $99,900, which shows that the market for these kinds of consumer sports cars has boomed in recent years.

  • ‘Huge’ Hindu, Buddhist statues against Islam, ex-judge says
    ‘Huge’ Hindu, Buddhist statues against Islam, ex-judge says

    KUALA LUMPUR, April 16 — The “huge” statues at a Hindu temple in Batu Caves and Buddhist temple in Penang are an affront to Islam as the religion forbids idolatry, a retired Court of Appeals judge...

  • StarHub 4G users to be charged from June as promo ends
    StarHub 4G users to be charged from June as promo ends

    Are you on the 4G or LTE mobile data network under StarHub? If so, you’ll have to start paying for the service.

  • Over 280 missing after South Korean ferry capsizes
    Over 280 missing after South Korean ferry capsizes

    By Narae Kim JINDO South Korea (Reuters) - More than 280 people, many of them students from the same high school, were missing after a ferry capsized off South Korea on Wednesday, in what could be the country's biggest maritime disaster in over 20 years. It was not immediately clear why the Sewol ferry listed heavily on to its side and capsized in apparently calm conditions off South Korea's southwest coast, but some survivors spoke of a loud noise prior to the disaster.