Even Media CEOs’ Wallets Will ‘Feel the Pain’ of Coronavirus Pandemic

Executive compensation will drop until movie theaters operate at full capacity, theme parks reopen and ad sales rebound

Beyond widespread mask-wearing and frequent use of hand sanitizer, there’s a “new normal” emerging due to the coronavirus: Top media executives are taking a pay cut.

It may seem like an obvious move, considering millions of people are suddenly out of a job and the overall economy is absorbing a gut punch. (JP Morgan recently projected U.S. gross domestic product to decline 40% during the second quarter.) But nonetheless, CEO salary drops stand out as a striking sign of the times, especially as executive compensation figures from last year continue to roll in. A year from now, expect the 2020 paydays for leading Hollywood and media execs to be dwarfed by their 2019 compensation.

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Sean Burch

Tech reporter • sean.burch@thewrap.com • @SeanB44