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Exec Compensation: New Viacom Execs; Rupert Murdoch

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Viacom: New CEO Phillipe Dauman said the compensation packages for himself and new CAO Tom Dooley would be structured differently from the cash payouts for Tom Freston (and Sumner Redstone). The SEC filing bears that out. Dauman has a five-year contract with a base annual salary of $2 million to start. His annual bonus target is $7 million and he gets a stock option grant this week valued at $12 million with additional stock options annually of $6 million; various vesting rules apply. He also gets something called Performance Share Units, which combined with another incentive could be worth another $12 million. Dooley’s package is worth 80 percent of his.
— In addition to compensation, the employment agreement spells out direct reports and establishes a two-person Office of the President with Dooley “that will meet regularly to supervise and review operations, planning and strategy for the Company.”
— Dauman and Dooley have investments in The Tennis Channel, Si TV and Amp-d Mobile through their private equity firm DND Capital Partners.
— Dooley’s agreement includes a “no right to write books, articles, etc. clause during his employment and two years after … “you shall not prepare or assist any person or entity in the preparation of any books, articles, radio broadcasts, electronic communications, television or motion picture productions or other creations, concerning Employer or any of its affiliates or predecessors or any of their officers, directors, agents, employees, suppliers or customers.”
News Corp.: In the “nice work” category, not only did Chairman and CEO Rupert Murdoch receive a $21.2 million bonus and $4.5 million in salary, in May the company began paying $50,000 a month plus $500 utilities for an apartment for Murdoch’s “personal use.” This is in addition to airfare and the like. Details in the proxy filed Thursday.
Related stories in our dedicated Viacom and News Corp. archives.