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.
Millions of Getty images now available for free via embed tool
Boston schools pull out free condoms over wrapping complaints