CBS Chief Takes Big Pay Cut

April 28, 2009

NEW YORK: CBS CEO Leslie Moonves made $20.8 million in 2008, down 69 percent from the year before, according to The Associated Press. His salary was $3.5 million compared to $5.3 million in 2007, the news service said. His cash bonus was $9.5 million in 2008. It was $18.5 million the year before. The value of his perks and restricted stock also fell.

The Eye Network parent corporation posted a net loss of $11.7 billion on revenues of nearly $14 billion for 2008. Earlier this month, it announced a five-cent dividend payment on July 1, for shareholders of record as of June 10.

CBS (NYSE: CBS) also was put on downgrade watch this month by Standard & Poor’s on fears that the continued ad sales slump would bring the company above S&P’s leverage threshold. Around two-thirds of CBS’s revenues are from advertising. S&P competitor Fitch kept CBS at “stable,” saying it could handle debt payments even with diminished earnings.

CBS was trading at around $5.85 mid-day, after starting out the year at nearly $9 and dipping as low as $3.06 in March when the most recent 5-cent dividend was paid. The company’s 52-week high was $25. 

Related Articles

Big Four to FCC: Impose Local-Into-Local on DirecTV-AT&T Merger

LINK: Vimeo Offers Toolset to Allow Anyone to Create Pay Video Site

FCC Consumer Bureau Chief Appoints Open Internet Ombudsperson

Receive regular news and technology updates.
Sign up for our free newsletter here.