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Paramount CEO Bob Bakish Sees His Salary Drop To $20M In 2021 From $39M Earlier

Paramount Global CEO Bob Bakish’s total compensation in 2021 fell to $20 million from $38.9 million the previous year, including a large stock award.

Bakish had a $3.1 million base salary and $16.8 million in compensation from a non-equity incentive plan (such as a cash bonus), the company filed with the SEC on Friday. All other reported compensation was $106,800.

According to the company’s annual proxy statement, Bakish received a $15.9 million stock award in 2020.

The CEO compensation index, which is the CEO’s total annual wage for the average employee, ranged from 212 to 1.

Bakish took over the management of the former ViacomCBS when it merged in late 2019. The contract is 4 years.

Servant noted that Bakish’s leadership and strategic management “faces enormous challenges and opportunities, including focusing on growing global broadcast subscribers and revenue while maximizing revenue from traditional sources.”

ViacomCBS launched Paramount+ in March 2021 and renamed it Paramount Global a year later. On its last investor day, Bakish said the company expects 100 million streaming subscribers by 2024, which is well above the previous estimate of 65-75 million after a record quarterly announcement. At the end of the year, he had $56 million.

Paramount stock has struggled with others in the space as investors begin to question the high cost of streaming and the still unknown payout following the loss of industry-leading Netflix subscribers and fierce competition that led to the recent merger of WarnerMedia and Discovery.

Shareholders can appreciate that although Bakish’s salary is solid, Endeavor has placed him at the bottom of Warner Bros.’s list of the 20 highest paid media executives for 2021. After CEO of Discovery, Charter, Netflix, Disney and Fox.

Source: Deadline

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