Pay Doubles for Bosses at Viacom

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Source: The New York Times

Viacom presents: Big Payday II — the sequel.

Viacom awarded its chief executive, Philippe P. Dauman, total compensation for 2010 valued at about $84.5 million, more than double the 2009 figure, including salary, bonus and stock options, the company disclosed on Friday.

It awarded its chief operating officer, Thomas E. Dooley, total compensation valued at about $64.7 million, also more than double the 2009 compensation. Viacom disclosed the compensation in documents filed with the Securities and Exchange Commission after the market closed on Friday.

The company said, however, that the compensation was inflated by one-time stock awards linked to long-term contracts the executives signed last year. These contracts, for six and a half years, were unusually long for the industry, a spokesman, Carl Folta, said, and reflected Viacom’s recent better performance.

Read more: http://www.nytimes.com/2011/01/22/business/media/22viacom.html