LOS ANGELES, April 13 (UPI) -- CBS chief Leslie Moonves took a $7.7 million pay cut in 2012 but was still the top earning Hollywood conglomerate executive, a regulatory filing showed.
Moonves pay as CBS Corp. president and chief executive officer fell 11 percent -- from $69.9 million in 2011 to $62.2 million in 2012 -- The Hollywood Reporter said Saturday, citing the legal filing.
"Under Mr. Moonves' leadership, CBS posted record results in 2012, with its highest revenues, operating income, and [earnings per share] since it became a standalone company in 2006," the company said in a statement.
CBS stock rose more than 40 percent in 2012 and "this is the fourth consecutive year that the company's performance significantly exceeded the S&P 500, resulting in a four-year period, during which CBS stock appreciated by approximately 15 times," the company said, adding, "Mr. Moonves' compensation is reflective of all this success."
The second-highest pay package for a Hollywood executive in 2012 was awarded to Discovery Communications President and CEO David Zaslav, who was paid $49.9 million, the newspaper said.
The CEO of Viacom Philippe Dauman also saw a pay cut in 2012. He earned $35.5 million, but the decline was the result of special pay items that exaggerated his pay for 2011, the Reporter said.