We've Got Hollywood Covered

Netflix’s Reed Hastings and Ted Sarandos Will Each Earn $31.5 Million in 2019 After Big Raises

Sarandos is lined up for a 20 percent pay increase after Netflix hit 137 million global subscriber this year

Netflix’s two leading men, CEO Reed Hastings and chief content officer Ted Sarandos, will each see their pay rise to more than $31 million in 2019, according to a filing with the SEC on Friday.

Hastings could make $31.5 million next year, according to the filing, which counts his $700,000 salary and up to $30.8 million in stock options — marking about a 7 percent raise on the $29.4 million he was poised to receive this year.

Sarandos is lined up for an even bigger raise. He’ll make $18 million in salary in 2019 — a healthy jump from the $12 million salary he earned this year —  and $13.5 million in stock compensation, matching Hastings in overall pay at $31.5 million. That marks a 20 percent increase from the $26.2 million he earned in 2018. This is the first time Sarandos will make as much as Hastings.

Hastings and Sarandos’ increased compensation comes after Netflix shareholders have seen the company’s stock jump more than 25 percent this year — even after a stark downturn in recent months that has impacted several major tech companies. Netflix, now at 137 million global subscribers, has already added about 20 million new customers in 2018. The company will report its fourth quarter financials and subscriber figures next month.

David Wells, Netflix’s outgoing chief financial officer, is set to receive a $3.5 million salary and stock options worth $2.8 million. Wells, a longtime staple of the company’s earnings calls, announced he’d be leaving Netflix in August after 14 years with the company. He’ll remain with the company until his successor is picked.

Greg Peters, Netflix’s chief product officer, will take home a $10 million salary next year and receive up to $6.8 million in stock.