Paramount Ex-CEO Bob Bakish’s 2024 Pay Jumped 178% to $86.96 Million

Paramount Global’s ex-CEO Bob Bakish saw his pay package jump 178% to $86.96 million in 2024, compared to just $31.3 million in 2023, per the media giant’s amended 10-K statement filed with the U.S. Securities and Exchange Commission on Friday.

The package included a $2.6 million base salary, $15.08 million in stock awards, $10.4 million in non-equity incentive plan compensation, $19,362 reflecting a change in pension value and non-qualified deferred compensation earnings and $58.9 million in “other” compensation, which included $10,292 in company contributions to his 401(k) plan, $4,125 in contributions to his profit sharing plan, $5,550 in life insurance payments, $58,825,273 in separation and additional payments for continued medical, dental and life insurance coverage, and $39,215 for personal use of a car and driver or car service.

Bakish stepped down from his role in April 2024, but remained with the company as a senior advisor through Oct. 31 of that year to help with the transition. He would be replaced by the Office of the Co-CEO, comprised of CBS CEO and president George Cheeks, Paramount Pictures and Nickelodeon CEO and president Brian Robbins and Showtime/MTV Entertainment Studios and Paramount Media Networks CEO and president Chris McCarthy.

The move came as Paramount was in merger talks with David Ellison’s Skydance Media, which would lead to an $8 billion agreement in July. But that merger still remains in limbo as the media giant is awaiting final regulatory approval from the Federal Communications Commission due to a required transfer of broadcast licenses.

As part of his transition agreement, Bakish has and will continue to receive severance and benefits associated with an involuntary termination and remains eligible for enhanced severance protection if a change in control occurs on or before April 30 as a result of the Skydance deal.

The trio took in a combined $61.3 million in pay for 2024, when factoring in both their co-CEO roles and their respective leadership roles. They earned approximately $6 million each for their roles as co-CEOs, which included $3 million in bonus compensation and a time restricted stock unit (TRSU) award of $3 million granted on Oct. 8. In June, they were also added to Paramount’s Executive Change in Control Severance Protection Plan.

Cheeks received the largest pay package out of the trio of co-CEOs, raking in $22.2 million in 2024, including a $2.75 million base salary, $8.01 million in stock awards, $11.4 million in non-equity incentive plan compensation, $18,117 reflecting a change in pension value and non-qualified deferred compensation earnings and $14,240 in “other” compensation.

Robbins raked in a package of $19.61 million, which included a $2.75 million salary, $8.14 million in stock awards, $8.66 million in non-equity incentive plan compensation and $62,059 in “other” compensation.

Chris McCarthy took in a pay package of $19.5 million in 2024, which included a $2.75 million base salary, $8.04 million in stock awards, $8.66 million in non-equity incentive plan compensation and $30,498 in “other” compensation.

The median Paramount employee made $129,102 in annual compensation in 2024, making the pay ratio 151 to 1 when compared to McCarthy, who is Paramount’s designated principal executive officer for SEC purposes.

Chief financial officer Naveen Chopra received $8.78 million in 2024, up 9.5% from $8.02 million in 2023. His package included a $1.4 million base salary, $3.84 million in stock awards, $3.52 million in non-equity incentive plan compensation and $23,240 in “other” compensation.

Ex-general counsel Christa D’Alimonte, who was terminated without cause and exited the company at the end of June, received total pay of $8.92 million in 2024, up 54.5% from $5.8 million in 2023. Her package included a $675,000 base salary, $2.5 million in stock awards, $1.7 million in option awards and $4.06 million in “other” compensation.

Chief people officer Nancy Phillips took in $4.2 million in total pay for 2024, up from $3.1 million in 2023, including a base salary of $968,238, $1.46 million in stock awards, $1.75 million in option awards and $27,886 in “other” compensation. Phillips is eligible for a $1 million payout when the Skydance deal closes, should she remain continuously employed and in good standing through that period.

More to come…

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