In its third proxy filing since its establishment via the recombination of Viacom and CBS Corp. in 2019, Global, the previously known as, disclosed the compensation for president and CEO and its other top executives.
Bakish, a subsidiary of Redstone, said in a regulatory filing with the Securities and Exchange Commission that he received $20 million in 2021, including $38.9 million in 2020. He did not receive a cash bonus in 2021, nor did he receive any new stock awards. Instead, his compensation consisted of a $3.1 million salary and $16.8 million in a non-equity incentive plan.
The National Amusements of the Redstone family controls about 80 percent of the voting shares of the corporation, for which Shari Redstone has been appointed as its non-executive chairman.
The stock of the conglomerate, which includes shares like the Paramount Pictures studio, MTV, Nickelodeon, BET, Comedy Central, and the Paramount+ and Pluto TV streaming services, fell 25 percent in 2021 as it dealt with volatility stemming from Archegos Capital Management's wagers.
Despite its impressive earnings, the company increased by 13 percent to $28.6 billion in 2021. Operating income increased by 52 percent to $6.3 billion, while earnings per share from continuing operations increased by 79% to $6.69.
Last year, global streaming subscribers increased to more than 56 million, with Pluto TV ending 2021 with more than 64 million monthly active users.
Management unveiled a new streaming strategy in mid-February that will focus on additional revivals and reboots of nostalgic, fan-favorite intellectual property and sequels to popular projects.
Other top Paramount executives saw their pay packages decrease in 2021, down from $11 million the year before, with general counsel Christa A. D'Alimonte earning a $3.2 million pay package, public policy director DeDe Lea earning $2.1 million, and chief people officer Nancy Phillips receiving a $1.8 million pay package.
Paramount disclosed Friday that it had extended the agreements between Lea and Phillips while keeping them with the company until 2025.