CBS’ Moonves earned less in ‘08, but Redstone earned more

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CBS Chief Executive Leslie Moonves’ compensation package is kind of like ‘American Idol’s’ ratings. It may be down from last year, but it’s still a pretty big number.

Moonves’ overall compensation, including stock and option awards, for 2008 was valued at about $32 million, compared with $36.8 million in 2007, according to the company’s proxy report filed today with the Securities and Exchange Commission.

His take-home salary was $13 million, down from $23.8 million in 2007. Moonves’ base pay dropped by more than one-third to $3.5 million from $5.3 million in 2007, while his bonus was cut almost in half to $9.5 million in 2008 as CBS stock lost 70% of its value last year. CBS said its bonus amounts are set by its board of directors and that Moonves was awarded a bonus because the company surpassed its free-cash-flow budget last year despite the poor economy.

While Moonves’ compensation package dipped, CBS Chairman Sumner Redstone’s jumped to $11.9 million in 2008 from $9.7 million in 2007. Redstone’s take-home salary from CBS for 2008 also got a bump to $6.5 million, compared with $6.2 million in 2007. Redstone also netted $6.3 million in 2008 as chairman of Viacom Inc.

CBS has endured a tough two years. While the ratings for its television network have improved this season and it is No. 1 in total viewers, a soft advertising market has made it hard for the New York company to capitalize on the gains. Its radio operations have been struggling for the last several years, and in the first quarter of this year CBS cut its dividend by 81%.

Moonves has already indicated he will not take a pay raise in 2009.

-- Joe Flint