Filing: Chase Carey's bonus at News Corp. could reach $25 million annually [Updated]

 

If you're dining with Chase Carey, he can afford to pick up the tab.

According to just filed documents with the Securities and Exchange Commission, Carey received a $10 million signing bonus to rejoin News Corp. as deputy chairman and chief operating officer. That's on top of his annual base salary of $8.1 million per year over the next five years.

Carey, the filing says, is also eligible for a performance based bonuses that could hit as much as $25 million annually. His bonus for his first year back, which started today, will be no less than $5 million. Carey's bonus will be performance based and determined by News Corp.'s year-over-year increase in adjusted earnings per share

If Carey resigns "without good reason" he will get at least two years salary and some of his bonus money. If Carey is terminated within the next 12 months, he walks with $10 million in cash.

The jet is also ready for Mr. Carey. His deal calls for use of a corporate or charter jet for business and pleasure. He also gets a car allowance.

On the downside, he's not getting paid any extra to be on News Corp.'s board of directors.

As for outgoing COO Peter Chernin, final details of his new six-year deal have not been hammered. However, he too gets to keep using the corporate jet and gets a car and use of the screening room.

-- Joe Flint

Photo: Chase Carey by Matthew Staver/Bloomberg News

Comments

[braxton]

That is a lot of cash....but I can't say the guy doesn't deserve it. He was able to grow Direct TV from 12 million subscribers up to 18 million in about 6 years. Just think how much money Direct TV will rake in over the next 10 years because of the mark Chase Carey left behind in making smart business decisions.