Paramount CEO Bob Bakish Sees Pay Dip To $20 Million In 2021 From $39 Million Year Earlier

deadline.com:

Total compensation for Paramount Global chief Bob Bakish dipped to $20 million in 2021 from $38.9 million the year before, which included a hefty stock award.Bakish had a base salary of $3.1 million and non-equity incentive plan compensation (like a cash bonus) of $16.8 million, according to a company SEC filing Friday. “All other” reported compensation was $106,800.In 2020, Bakish received a $15.9 million stock award, according to the company’s annual proxy statement.The CEO pay ratio — annual total compensation of the chief executive to that of the median employee — was 212-to-1.Bakish took the helm of the former ViacomCBS when it merged in late 2019.

His contract runs for four years.The proxy noted Bakish’ strategic leadership and management “during a time of tremendous challenges and opportunities… including shifting focus to growing the number of global streaming subscribers and revenue while maximizing revenue from traditional sources.”ViacomCBS launched Paramount+ in March 2021 and a year later rebranded itself to Paramount Global.

During a recent investor day,  Bakish said the company anticipates 100 million streaming subscribers in 2024 – well above a previous forecast of 65M-75M, after record ads in the fourth quarter.

It had 56 million at year’s end.Paramount stock’s has had a tough ride along with others in the space as investors began to question the high cost and still uncharted returns of streaming following subscriber misses from industry leader Netflix, and intense competition that recently drove the mega-merger of WarnerMedia and Discovery.Shareholders may appreciate that Bakish’s pay, while hefty, puts him towards the bottom of the list of media’s top compensated CEOs for 2021 so far after the chief