The Redstone family-controlled company discloses the compensation of top executives in regulatory filings. ViacomCBS has revealed the compensation of its top executives, in its second proxy filing since which it has been built through a reorganization of Viacom and CBS Corp.
The Redstone family-controlled company said in a regulatory filing with the Securities and Exchange Commission that CEO Bob Bakish received $ 39 million in 2020, while his total 2019 salary was approximately $ 36.6 million. National Amusements of the Redstone family controls about 80 percent of the voting shares of ViacomCBS. Sherry Redstone serves as the company’s chair.
Bakish, who becomes Viacom’s permanent CEO in December 2016, and his team have focused on growing Viacombs’ streaming business, including Paramount + and ad-supported Pluto TV. ViacomCBS reported 2020 net income from continuing operations of $ 783 million, a 2019 loss of $ 302 million, despite the coronavirus epidemic hitting many of the firm’s businesses.
The company’s stock fell more than 10 percent last year, as the epidemic affected the entertainment industry, but gained a lot of ground in early 2021. The gains come despite Viacom CBS’s Streaming Investor Day sharing separate takeaways from Wall Street analysts at the end of February, which provided more insight into its plans for Paramount + and a broader digital strategy.
Among the trio: ViacomCBS is targeting 65 million -75 million global streaming subscribers and $ 7 billion in streaming revenue by 2024. Guggenheim Securities analyst Michael Morris raised his price target on the stock to $ 24 after the event and spoke on the title. His report: “New Streaming Heights with Robust Content Slate, Differentiated Live Strategy.”
Pivoting for streaming was a factor in increased compensation for senior executives, the Viacombs Compensation Committee wrote in the filing “During 2020, we intensified our participation in the high growth media segment, such as streaming and advanced advertising, while our Traditional revenue maximizes.
Sources, To better align compensation outcomes with our accelerated shift to the “adding” business strategy, the committee set out to add the Streaming Growth Matrix to the Core Matrix for the 2021 Short-Term Incentive Plan. The stock of ViacomCBS has increased this year but has seen some sharp declines as of late.