Time Warner CEO Jeff Bewkes Sees Massive Pay Raise in 2017

Stock awards push compensation to nearly $49 million

BEVERLY HILLS, CA - OCTOBER 06: Time Warner Inc. Chairman and CEO Jeffrey Bewkes speaks onstage during day one of TheWrap TheGrill 2014 at Montage Beverly Hills on October 6, 2014 in Beverly Hills, California. (Photo by David Buchan/Getty Images)

Time Warner CEO Jeff Bewkes saw his pay spike in 2017, thanks to stock windfall from his company’s planned acquisition by AT&T. Bewkes brought in nearly $49 million in compensation, the company’s Q1 SEC filing showed. It’s a huge jump from the $32.6 million he pulled in for 2016.

In fact, the $32 million in stock awards was almost the entirety of his pay in 2016, and a massive jump from the $7.7 million he received in stock awards the prior year. That $32 million covers two years, both 2017 and 2018, as an incentive to stay if the merger with AT&T goes through.

Bewkes’ base salary stayed the same at $2 million, with an additional $14.7 million in bonuses.

The next-highest-paid executive at Time Warner was CFO Howard Averill, who made $6.7 million in 2017, which was a far cry from the $20.3 million he pulled in 2016.

Time Warner delivered a solid beat on both earnings per share (EPS) and in revenue for its first quarter, though its operating income dropped 8 percent. The company is entrenched in battle with the Department of Justice, which brought an antitrust lawsuit over its proposed merger with AT&T.