Time Warner CEO’s Pay Falls to $16 Million in ’05

Time Warner Inc. paid Chief Executive Richard Parsons $16 million in 2005, down from $16.2 million he received the previous year.

Parsons’ basic salary was unchanged at $1.5 million and his bonus was cut to $7.5 million from $8 million in 2004, the New York-based company said in a filing with the Securities and Exchange Commission.

Entertainment executive Jeffrey Bewkes, who became president and chief operating officer Jan. 1, was paid $12.4 million, down from $12.7 million in 2004, Time Warner said.