Musings, observations, and written works from the publisher of Eckhartz Press, the media critic for the Illinois Entertainer, host of Minutia Men, and the writer of "The Living Wills", "$everance," "Just One Bad Century," "Father Knows Nothing," "The Radio Producer's Handbook," and "Records Truly Is My Middle Name"
Tuesday, May 23, 2017
The CEO of CBS might just be the richest executive in media, and now he has a few more years to pour wheelbarrows full of money into his forty car garage with elevators. From Tom Taylor's NOW column...
CBS keeps Chairman/CEO Les Moonves around until at least June 2021. Just as with Bob Iger over at Disney, the board sees a strong and experienced executive – and nobody on the scene who might succeed him. (Disney’s board essentially told Iger’s #2 Tom Staggs that he wouldn’t automatically be anointed when Iger retires.) At CBS, Moonves’ annual salary of $3.5 million remains unchanged but it’s the other stuff – stock awards, options – that levitated his 2016 total compensation to $69.6 million. After Moonves finally does depart, he’ll have five years as a “senior advisor,” and CBS would support him in starting his own production company. Most CBS Radio folks probably aren’t thinking much of Moonves or his #2, Joe Ianniello. They’re too busy trying to figure out their future under Entercom, once that merger closes later this year. (CBS Radio just parted company with a top-ten market programmer, as you’ll read in today’s “Transitions.”)