2:29 PM PDT 04/02/2021
The company controlled by the Redstone family is disclosing executive compensation in a regulatory case.
ViacomCBS disclosed the compensation of its executives, in its second proxy filing since its inception via the recombination of Viacom and CBS Corp.
The company controlled by the Redstone family said in a regulatory filing with the Securities and Exchange Commission that CEO Bob Bakish received $ 39 million in 2020, against his overall salary of nearly $ 36.6 million in 2019.
National Amusements of the Redstone family controls approximately 80% of the voting shares of ViacomCBS. Shari Redstone is the president of the company.
Bakish, who became Viacom’s permanent CEO in December 2016, and his team focused on growing the streaming business of ViacomCBS, including Paramount + and ad-supported Pluto TV.
ViacomCBS reported 2020 net income from continuing operations of $ 783 million, a change from a loss of $ 302 million in 2019 despite the coronavirus pandemic plaguing several of the company’s businesses. The company’s stock fell more than 10% last year as the pandemic hit the entertainment industry, but it gained a lot of ground in early 2021.
The gain came despite Wall Street analysts sharing various takeaways from the ViacomCBS investor streaming in February, which provided more information on its plans for Paramount + and its broader digital strategy. Among the takeaways: ViacomCBS is targeting 65 million to 75 million streaming subscribers globally and $ 7 billion in streaming revenue by 2024. Guggenheim Securities analyst Michael Morris has raised his price target on the $ 24 share after the event and summed up his point in the headline. of its report: “In search of new streaming heights with a robust content slate, a differentiated live strategy”.
The pivot to streaming has been a factor in increasing executive compensation, with the ViacomCBS Compensation Committee writing in the dossier “In 2020, we have accelerated our participation in higher growth media segments, such as streaming and advanced advertising, while maximizing our traditional revenue, ”adding that“ in order to better align compensation results with our accelerated change in business strategy, the committee decided to add continuous growth metrics to the metrics base of the 2021 short-term incentive plan ”.
ViacomCBS stock has gained this year, but has seen steep declines in recent times.
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