Below, some of the key details of Peter Chernin’s financial package:
– Salary: In 2008 his base salary was $8.1 million, but his total compensation for the year ended up being $28.8 million — slightly more than his boss Rupert Murdoch, who earned $27.5 million. Outgoing President and COO Chernin didn’t receive any money in bonuses or long-term incentive plan payouts, but did receive $10.2 million in stock awards and $11.3 million in non-equity incentive plan compensation. (Via Forbes.)
– Fox will buy his movies and shows after he leaves: Chernin has the right to require News Corp (NYSE: NWS). to buy films or TV shows from him for six years, BusinessWeek details. According to the terms, Fox would have to buy at least two movies a year from him, paying a fee “at least as favorable as the most favorable agreement” the studio had with a producer in 2004, when Chernin signed the agreement.
– Severance package: If Chernin takes News Corp up on the six-year production deal, he would continue to receive credit for the company’s pension plan during that period, and, of course, continue to make money from his stock awards. As for other perks, he’d have the right over that period to use the company jet for as much as 50 hours a year (a perk estimated to be worth $1.65 million) and have use of a company car (worth $210,000). One other handout: $18,710 worth of country-club dues.