Moonves was paid $3.5 million in salary and received a $28.5-million bonus. He also got stock awards valued at $26.5 million, plus $5.8 million in stock options. Then there are the perks that include personal use of a corporate aircraft, a security detail and a driver.
The network defended the rich pay package, pointing out that the company had a blockbuster year in 2013.
CBS was the most-watched network last year, with hits such as "The Big Bang Theory,"
"The share appreciation was not only the highest among major media companies, it was near the top of the entire S&P 500," CBS said in a statement. "This is the fifth consecutive year that the company's performance significantly exceeded the S&P 500, including a period during which CBS stock appreciated by more than 20 times."
CBS shares fell $1.30, or 2.2%, to $58.68 on Friday, though they traded at an all-time high of $60.23 just last month.
Moonves is by far the highest-paid CEO in the media industry.
Walt Disney Co. Chief Executive
Moonves' boss, 90-year-old
Moonves earns more than most Wall Street CEOs. His nearly $70-million payday is triple the $23 million that
$67 million "is a really big number for a year's worth of work," said Charles Elson, a corporate governance expert at the University of Delaware. "Any time a number becomes a multiple of other highly paid CEOs, it's a big figure."
The highest paid CEO in the U.S is
Moonves' big payout came at a crucial time for CBS.
The network prevailed during last summer's high-profile monthlong dispute with
And this week saw Moonves orchestrate a smooth transition at CBS late night by naming the well-regarded
Still, Moonves manages a company that is substantially smaller than its peers, such as Disney and Comcast.
The money Moonves makes could come in handy. The Beverly Hills resident recently bought a Malibu beach house from