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Paramount Global Co-CEOs' 2024 Compensation Revealed

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sparksAI summary
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  • Co-CEOs' total compensation exceeded $61 million
  • Former CEO Bakish received $87 million in total compensation
  • Paramount's shares fell 27% in 2024
  • Co-CEOs received bonuses for achievements
360 summary
  • The co-CEOs, Cheeks, Robbins, and McCarthy, each received a $6 million bonus in 2024 for their roles as co-CEOs.
  • Paramount added a provision to the co-CEOs' employment agreements allowing them to quit and receive severance benefits if demoted.
  • The compensation committee discussed the co-CEOs' performance against qualitative goals, including Paramount+ revenue growth and successful renewals with distribution partners.
VarietyVariety
  • The co-CEOs of Paramount Global achieved $500 million in annual run-rate cost savings through various cost-cutting measures, including multiple rounds of layoffs across the company.
  • Paramount disclosed the compensation details of key executives, such as CFO Naveen Chopra, whose compensation increased by 9.5%, and head of HR Nancy Phillips, whose compensation saw a significant 36% increase in 2024.
  • FCC Chairman Brendan Carr's stance on M&A deals for media companies promoting diversity, equity, and inclusion programs could impact Paramount's pending merger with Skydance, as the company adjusts its DEI programs to comply with the Trump administration's directives.
VarietyVariety
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