Top executives at major media companies received substantial pay rises in 2022, even as the sector faced falling stock prices, layoffs, and a looming writers' strike. The disclosures, made just days before the current Writers Guild of America (WGA) contract expires, have drawn criticism from writers and shareholders alike.
CEO compensation averaged around $32 million across 13 executives at 12 companies, with several crossing the $50 million mark. Netflix co-CEOs Reed Hastings and Ted Sarandos each took home about $50 million, up 25% and 32% respectively. Paramount Global's Bob Bakish saw a 60% increase to $32 million, despite a 45% drop in the company's stock. Nexstar's Perry Sook received a 39% rise to $39 million.
Roku's new media head Charlie Collier received a $53 million package after joining from Fox Entertainment, while CEO Anthony Wood's pay was $20.9 million. Roku recently announced plans to cut 200 jobs, its second round of layoffs in six months. Warner Bros. Discovery CEO David Zaslav's pay fell to $39 million from $202 million in 2021, when he received large option awards tied to the merger.
The pay disclosures come as studios argue they face tough economic conditions, including inflation and recession fears, while negotiating with the WGA over minimum pay increases. Shareholder advocacy group As You Sow noted the packages 'will look astounding to shareholders in the context of salaries elsewhere.'
Netflix, which triggered the industry's streaming reset after reporting its first subscriber loss in over a decade in April 2022, has since laid off hundreds of staff. The company said it has reviewed its pay policies starting this year. The WGA has highlighted the contrast between executive compensation and the struggles of rank-and-file writers.
