Big money, lower taxes

Sure, $37 million for CBS CEO Les Moonves looks bad. Consider:

--CBS just dumped a bunch of its local TV news people, including about a dozen at KCBS.

--CBS stock fell 13 percent last year (and 20 percent so far this year).

--CBS net income fell 25 percent last year.

--CBS ad revenue fell 2 percent last year.

--CBS's prime time ratings have fallen 23 percent so far this year.

Also consider that the $37 million pay package is a 28 percent bump from a year earlier - and it comes at a time CEO compensation is cooling down a bit.

But wait, there's more! Since Moonves lives and works in both NY and LA, he is subject to taxes in two states. Not a problem. Last summer CBS amended the terms of his employment agreement so the company would pick up all NYC and NY State taxes. Thatís one lucky so-and-so.(Lawdragon, Silicon Valley Insider)

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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
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