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CBS chief Leslie Moonves got a nearly $70-million pay package in 2016

epa05817743 Julie Chen (L) and Leslie Moonves arrive for the 89th annual Academy Awards ceremony at
Julie Chen and CBS Chief Executive Leslie Moonves at the Academy Awards in February.
(Mike Nelson / European Pressphoto Agency)

In an era of skinny television bundles, CBS Corp. Chief Executive Leslie Moonves once again boasts one of the fattest compensation packages around: $69.6 million.

The 2016 package, which represented a 22.5% increase over the previous year, came in a year when Moonves was elevated to chairman of the board. He succeeded controlling shareholder Sumner Redstone, who has been in poor health.

The Redstone family controls nearly 80% of the voting shares of CBS, and Moonves enjoys a healthy relationship with the aging mogul and his daughter, Shari Redstone, who serves as vice chair of CBS.

Moonves’ compensation was outlined in a Securities and Exchange Commission filing Friday. His package was boosted by a $32-million cash bonus, up 68% from his bonus in the previous year. CBS attributed the larger bonus to Moonves’ leadership successes, including keeping CBS the most-watched TV network in America and helping to negotiate new distribution deals.

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Moonves, 67, also benefited from an increase in stock awards, which last year totaled $31.9 million. His base salary was $3.5 million and he received $1.7 million worth of other perks, including transportation and security expenses.

The company’s second-highest-paid executive was Joseph R. Ianniello, the chief operating officer. Ianniello received a package valued at $29 million, up 9.8% from 2015.

CBS stock rose 38% in 2016. On Friday, CBS shares fell 21 cents to $68.67.

meg.james@latimes.com

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@MegJamesLAT


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