CBS CEO Moonves' Total Compensation Was 8% Higher in 2013

By William Launder 

CBS Corp. Chief Executive Leslie Moonves earned total compensation valued at $66.9 million in 2013, roughly 8% higher from the previous year, according to a company regulatory filing on Friday.

The increase in total compensation was largely because of higher stock awards, valued in total at $26.5 million, and a slightly higher bonus of $28.5 million, CBS said in its annual "proxy filing." Mr. Moonves' salary was unchanged at $3.5 million, while the value of stock options he was awarded fell to $5.8 million from $16.3 million.

Mr. Moonves is one of the media industry's highest-paid executives, having guided CBS to become a top-rated broadcast TV network in recent years.

In 2013, CBS reported revenue of $15.3 billion, an 8.5% increase, driven by higher ad revenue, licensing and distribution, and affiliate and subscription fees. The company's net earnings for the year were $1.88 billion, up more than 19%.

Sumner Redstone, the company's controlling shareholder and executive chairman, earned total compensation valued at $57.2 million in 2013. That was 83% higher than in 2012, although the increase was because of changes in the value of his pension. Mr. Redstone earned a salary of $1.8 million and a bonus of $10 million, unchanged from the previous two years.

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