Lions Gate Entertainment Corp. Chief Executive Jon Feltheimer’s compensation soared to $63.6 million last year -- making him one of the highest paid executives in America.
The amount represented a 406% increase over Feltheimer's $12.6 million in compensation the previous year, according to a company proxy filed Tuesday with the Securities and Exchange Commission.
The chief of the Santa Monica movie and TV studio reaped dramatically higher compensation because of a new long-term contract that he signed in May 2013. The new employment agreement extended Feltheimer's tenure to May 22, 2018.
As part of the deal, Feltheimer, 62, last year collected stock options representing $41.5 million and stock valued at $11.7 million.
Feltheimer’s base salary was $1.5 million.
Feltheimer “has successfully executed on a business plan which required discipline, patience and investment in all of the company's key business segments in order to create highly valuable content and long-term value for shareholders,” said Lions Gate Chairman Mark Rachesky in a statement following the contract renewal announcement last May.
Lions Gate’s fiscal 2014 ended March 31.
The company also paid more than $23,000 in club membership dues for Feltheimer and $170,385 in costs associated with his use of the corporate jet, according to the filing. Feltheimer reimbursed the company $54,750 for his personal use of the jet.
Lions Gate Vice Chairman Michael Burns received $8.4 million in the last fiscal year, a decrease from his $28.2 million in total compensation in 2013.
In late 2012, Burns signed a new employment agreement that significantly boosted his compensation for that year.
Other entertainment industry executives also have reported lofty packages in the last year.
However, Feltheimer’s compensation stands out because he runs a much smaller operation. Lions Gate generated $2.6 billion in revenue last year.
In contrast, Walt Disney Co.'s annual revenue was more than $45 billion last year. Disney Chief Executive Bob Iger collected $34.5 million in fiscal 2013, which ended Sept. 30.
Cable giant Comcast Corp., which runs NBCUniversal, reported its CEO, Brian L. Roberts, received a $31-million pay package last year. Comcast’s annual revenue is $64 billion.
CBS Corp. Chief Executive Leslie Moonves was awarded a $66.9-million compensation package last year, according to CBS’ proxy filed in April.
Moonves' compensation increased nearly 8% from the $62.2-million package that Moonves got in 2012. CBS' annual revenue topped $15 billion.
Lions Gate Entertainment is expanding its digital presence and operations around the world.
On Monday, the company announced a deal with online video service Hulu Plus to exclusively stream WGN America’s new drama “Manhattan” every Monday, following the Sunday night airing.
The company also partnered with Chinese e-commerce giant Alibaba in July to launch a subscription streaming service, called Lionsgate Entertainment World, for mainland China.
Lions Gate Entertainment has released box-office hits such as the 2013 “The Hunger Games: Catching Fire,” which took the No. 10 spot on the all-time U.S. box-office list, according to the Internet Movie Database. It grossed nearly $425 million.
In the last year, Lions Gate has also released such hits as the first film in the “Divergent” young adult franchise.
The company also has more than 30 television shows on more than 20 networks, including the Emmy-winning "Mad Men” and the Emmy-nominated Netflix show "Orange Is the New Black."
Shares of Lions Gate Entertainment closed Tuesday at $31.71, down 19 cents, or 0.6%.Copyright © 2014, Los Angeles Times