PAY DAY FOR BEWKES: Time Warner, parent company of Time Inc., cut its top executive Jeffrey Bewkes a big check in 2013.
This story first appeared in the April 22, 2014 issue of WWD. Subscribe Today.
In a filing with the Securities and Exchange Commission, the cable and television company said chairman and chief executive officer Bewkes earned a 25.5 percent increase in total compensation, which amounted to $32.5 million.
Broken down, Bewkes’ salary remained the same at $2 million, but his combined stock and options awards rose 61.8 percent to $16 million. The ceo’s non-equity incentive plan increased 5.5 percent to $14.4 million, as his other compensation slid 24.4 percent to $126,889. The lion’s share of Bewkes’ other compensation — 69.8 percent to be exact — went to his personal use of the company’s aircraft, as well as to his use of a car and driver.
Time Warner also revealed that publishing division Time Inc., which is slated to be spun off from the company in the second quarter of 2014, accounted for 11 percent of its business, or roughly $3.3 billion. In 2013, Time Warner’s total revenues totaled $29.8 billion, according to its 10-K filing.
Revenues of its other divisions — Turner, Home Box Office and Warner Bros. — accounted for 33 percent, 17 and 39 percent, respectively.