![]() Those beliefs paid off for these and other media CEOs. Most became entrenched, holding their jobs far longer than their peers in other industries. The average head of a large cap company only lasts five years, Equilar reports. Moonves and Bewkes ranked among the nation’s 10 highest paid CEOs in 2017, Iger made the top 20.īut Bewkes ran Time Warner for more than nine years while Iger’s had Disney for 13, Moonves has been in charge for 15 years, and Murdoch has run Fox since he bought the studio 33 years ago.Īnd, of course, media chiefs make much more than their corporate peers - including those who employ more people, oversee bigger enterprises, and make decisions that have a more profound impact on social welfare. The AT&T deal helps to put the pay disparity into perspective: Although considered a big player in media, Time Warner would have only accounted for about 15% of AT&T revenues if the companies were combined last year. That was so small that the telco didn’t need a shareholder vote to approve the deal. Yet Bewkes’ nearly $49 million compensation package was 70% higher than the one for AT&T CEO Randall Stephenson - and 385% more than Stankey made. Stankey’s compensation, as appropriate to recognize new duties.”) (That should change soon: AT&T’s proxy says that when the Time Warner deal closes, the board “intends to reevaluate Mr. Yet the cult of personality has lost its allure. It’s hard to make the case that a single person deserves credit for the performance of companies that juggle multiple businesses across multiple continents. The #MeToo movement demonstrated how risky it can be to give a single person out-sized credit for a company’s success.Īs a result, “the skills to run them well will be traditional management skills, and you’ll need a team.” “The days of an individual driving the success of an entire business have diminished because these companies are so large,” says long-time media analyst Christopher Dixon. Disney recognized that when animation chief John Lasseter - long seen as the mastermind behind the revival of the company’s foundational business - faced disclosures of sexual transgressions. The company said last week that he will leave at the end of this year.Īnd Wall Street has lost confidence in media CEOs’ magic. It was easy to give leaders credit while their companies reported extraordinary profits from pay TV - a business dominated by a handful of network owners and distributors.īut executives who looked like wizards now look more like the Wizard of Oz as they scramble to figure out their futures in an internet-driven infotainment industry that may soon be controlled by much larger telecom and tech companies. “The industry simply doesn’t do as well in a competitive environment, and this reality is now reflected in many of the public stock valuations.” “When vertical integration was largely killed off, most of the industry’s monopoly power died as well,” Hindery says.
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