Paramount World, the corporate previously generally known as ViacomCBS, disclosed the compensation for president and CEO Bob Bakish and its different high executives Friday, in its third proxy submitting since its creation through the recombination of Viacom and CBS Corp. in 2019.
The corporate, which is managed by Shari Redstone and different members of the Redstone household, stated in a regulatory submitting with the Securities and Change Fee that Bakish acquired $20 million in 2021, after incomes $38.9 million in 2020. His compensation declined as he didn’t obtain a money bonus in 2021, nor did he obtain any new inventory awards. As an alternative his compensation consisted of a $3.1 million wage, and $16.8 million in a non-equity incentive plan.
The Redstone household’s Nationwide Amusements controls about 80 p.c of the voting shares of the corporate, for which Shari Redstone serves as non-executive chair.
The inventory of the conglomerate, which incorporates such belongings because the Paramount Footage studio, MTV, Nickelodeon, BET, Comedy Central and the Paramount+ and Pluto TV streaming companies, fell 25 p.c in 2021 because it handled volatility stemming from bets made by the hedge fund Archegos Capital Administration.
Nonetheless, the corporate grew its income by 13 p.c in 2021 to $28.6 billion. Working revenue rose 52 p.c to $6.3 billion, whereas earnings per share from persevering with operations jumped 79 p.c to $6.69.
World streaming subscribers rose to greater than 56 million final 12 months, with Pluto TV ending 2021 with greater than 64 million month-to-month energetic customers.
In mid-February, administration unveiled a company rebrand to Paramount and debuted an up to date streaming technique that’s going all-in and can depend on extra revivals and reboots of nostalgic, fan-favorite mental property and sequels of fashionable tasks.
Different high Paramount executives additionally noticed their pay packages decline in 2021. CFO Naveen Chopra acquired a bundle valued at simply over $4 million, down from $11 million the 12 months prior, with common counsel Christa A. D’Alimonte incomes a $3.2 million pay bundle, public coverage and authorities relations chief DeDe Lea incomes $2.1 million, and chief individuals officer Nancy Phillips seeing a $1.8 million pay bundle.
Individually, Paramount disclosed Friday that it had prolonged the contracts of Lea and Phillips, conserving them with the corporate properly into 2025.