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.
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.