Now that the upfronts are over, it’s time to hand out much-deserved accolades to those who made this year’s presentations truly unforgettable.
02.05.2024 - 15:39 / deadline.com
It was a year of pain for the entertainment industry and shareholders of (many) media companies with brutal months-long Hollywood strikes, and layoffs. Linear television continued to decline and a nascent theatrical recovery went sideways. Most CEOs saw pay packages rise in 2023, some by big multiples.
“The pay is egregious, but it is something we have learned to accept,” says one longtime entertainment analyst.
Irritants cited: CEOs rewarded for deals before its clear how they pan out; CEOs who should looking for growth but keep cutting; CEO pay packages that feel disproportionate to the size of the company. Paramount Global’s (now ex) CEO Bob Bakish saw compensation of $31 million, a hair lower than Disney’s Bob Iger, in his first year back as chief executive. (See CEO pay chart at right.)
Bakish may also be entitled to severance in the neighborhood of $48.5 million after being ejected earlier this week, according to a “termination scenario” in the company’s proxy. The actual amount isn’t yet public. Par put the new severance plans for top executives in place last November.
Proxy statements are annual company reports filed with the SEC that list, among other things, pay for top five highest-paid executive.
Topping 2023 is Charter Communications CEO Chris Winfrey, who was named CEO in December of 2022 with a package worth $89 million, the bulk from option awards valued at $75M.
The SEC requires equity awards be valued at the time they are granted.
Companies note that options vest over years and can remain “under water” depending on the stock price. However, pay consultants say, grants reflect the amount companies would like to pay their CEOs. “My experience is that for companies of this size of these sizes,
Now that the upfronts are over, it’s time to hand out much-deserved accolades to those who made this year’s presentations truly unforgettable.
In July of 2023, recently returned Disney CEO Bob Iger shocked the media industry by indicating he might be open to divesting the company’s declining linear assets. By last fall, he’d changed his mind, declaring them not for sale. On interviews and earnings calls since, he’s explained why — most recently at the MoffettNathanson media conference, and in the midst of annual upfront presentations to advertisers.
Walt Disney will cut its investment in programming for traditional television networks “pretty dramatically” as the company navigates the consumer shift to streaming, Chief Executive Bob Iger said Wednesday.Iger said linear channels such as ABC still serve as an important marketing tool and reach older viewers who are not watching series such as “Abbott Elementary” on Disney’s streaming platforms.Still, the goal is to “reduce pretty dramatically our investment in content specifically aimed at those traditional networks,” Iger said at the MoffettNathanson’s 2024 Media, Internet and Communications Conference in New York.On Disney’s theme parks business, Iger said he expected continued growth but perhaps not at the same rate as in recent years.“We’ve had double-digit revenue growth in that business for quite some time, and that’s extraordinary,” he said.
Over the past several months, on more than one occasion, we’ve heard from Disney executives about how they’re going to be cutting back a bit on streaming and put the focus on streamlining releases. That is to say, all that talk about how Disney+ was going to be the golden goose of the company was a bit premature.
Todd Spangler NY Digital Editor Disney CEO Bob Iger said that as the traditional pay-TV universe continues to shrink, the company is cutting its investment in content for linear TV networks while also amortizing that expenditure across streaming platforms. The strategy is “to reduce pretty dramatically our investment in content specifically aimed in those traditional networks,” Iger said Wednesday at MoffettNathanson’s 2024 Media, Internet and Communications Conference in New York.
“I am deeply optimistic about our company, and in a world that is so in need of entertainment is a true privilege,” said Disney boss Bob Iger today in a rare appearance on stage at the start of the media giant’s upfront presentation in New York City. “To run a company that is the embodiment of creative excellence, of great and bold storytelling, of quality, and of innovation.”
Shari Redstone strolled onto the red carpet in New York City tonight for the premiere of Paramount Pictures IF, John Krasinski’ star-studded PG adventure that opens this weekend. She was there to support studio chief Brian Robbins.
Whether playing DI Kate Fleming in Line of Duty or a back-against-the-wall bomb disposal expert in ITV’s Trigger Point, Vicky McClure has mastered the art of procedurals over the years.
With Paramount Global and its assets currently in play, Nexstar CEO Perry Sook was asked on a call today if the nation’s biggest broadcast might look at CBS stations.
Bob Iger, CEO2023 compensation: $31.6M/+110.7%Median employee compensation $54,010Iger pay ratio to median employee: 595 It was a contentious time for the congenitally congenial Disney chief. First, he made some ill-considered remarks at Sun Valley, a conference for media barons held in a posh resort, characterizing striking actors’ demands as “not realistic.” Those words were slammed by SAG-AFTRA head Fran Drescher, with Iger becoming exhibit A for corporate greed.
The Anaheim City Council gave final approval today to DisneylandForward, the $1.9 billion, Disney’s multi-decade expansion plan for Walt’s original park. Today’s 7-0 procedural vote came after a unanimous vote approving the project in April. The zoning and other changes laid out by the plan to take effect in 30 days.
Marvel Cinematic Universe in the future, according to the CEO of Disney.Bob Iger was speaking to Wall Street analysts when he confirmed that he plans to release no more than three new Marvel films per year, as well as only two television series in the MCU.The studio head said that the plan is part of an overall strategy at Disney to focus on quality rather than quantity, with that applying particularly to their Marvel properties.“We’re slowly going to decrease volume and go to probably about two TV series a year instead of what had become four and reduce our film output from maybe four a year to two, or a maximum of three,” he said. “And we’re working hard on what that path is.”He continued that the MCU will have “a couple of good films in ’25 and then we’re heading to more Avengers, which we’re extremely excited about.”“Overall, I feel great about the slate.
Zack Sharf Digital News Director Marvel Studios co-president Louis D’Esposito admitted to Empire magazine that “it’s been a rough time” for the Marvel Cinematic Universe following a rocky 2023 that included box office flops “Ant-Man and the Wasp: Quantumania” and “The Marvels.” The latter title is the lowest-grossing MCU movie of all time with just $206 million worldwide. Marvel didn’t fare better on television, where series such as “Secret Invasion” were widely panned by critics. Despite these setbacks, D’Esposito is committed to seeing the glass half full.
It’s not really news to say that Disney CEO Bob Iger is going to be a bit more hands-on with Marvel Studios in the future. The executive has made several comments in the past about reducing the number of projects the studio releases, as well as making sure the films and TV series that are released are of the best quality.
Brian Steinberg Senior TV Editor Disney doesn’t think it’s going to foul in its drive to score a new pact with the NBA. Speaking to investors Tuesday, Disney CEO Bob Iger said the company was “optimistic or confident” that Disney would renew its agreement with the basketball league that would keep a sizable package of its games on ESPN and other Disney properties. Disney has also served as home to the NBA Finals, which typically air on the ABC broadcast network.
Paramount Global says Chris McMarthy is the company’s “interim principal executive officer,” a necessity required by the SEC that apparently does not signal he has more decision-making power among a trio of top executives who stepped up to replace Bob Bakish this week in a new Office of the CEO.
Michaela Zee Barry Jenkins defended his involvement in “Mufasa: The Lion King” after he was criticized on social media this week for helming the Disney live-action prequel. Jenkins shared the first “Mufasa” trailer on X (formerly Twitter) following its release on Monday, which prompted some fans to criticize the filmmaker, known for the Oscar-winning films “Moonlight” and “If Beale Street Could Talk,” for working on such a mainstream project.
Paramount Global, which is in the midst of corporate upheaval on a number of fronts, got a slight reprieve in one key area, extending carriage negotiations with Charter Communications.
Brian Steinberg Senior TV Editor The recent broadcast of Super Bowl LVIII boosted Paramount Global‘s first quarter of 2024, stabilizing advertising revenue at its TV operations, as the company’s streaming operations added more than 3 million subscribers and cut losses there by more than 40%. Overall, Paramount narrowed its first quarter operating losses while seeing a 6% uptick in revenue, due in large part to audience and advertiser interest in its Big Game presentation, which set a new viewing record.
George Cheeks, Brian Robbins and Chris McCarthy, the Paramount Global executives chosen to occupy the Office of the CEO as a replacement for the departing Bob Bakish, sought to reassure Wall Street on Monday that they have a plan.