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Time Warner paid Parsons $18.4M in 2006

Time Warner paid Parsons $18.4M in 2006

NEW YORK (AP) – Time Warner Inc., the world’s largest media conglomerate, paid its chairman and CEO Richard Parsons compensation valued at $18.4 million in 2006, according to regulatory filing made Friday.

Parsons, who is 58 years old, received a salary of $1.5 million, bonus of $8.5 million and stock and options valued at $8 million, according to the company’s proxy statement filed with the Securities and Exchange Commission.

He also received other compensation of $427,174, which included transportation-related expenses of $297,872 and $100,000 in payment of fees for financial services, $8,800 in a savings plan contribution as well as $12,036 to cover life insurance costs.

Jeff Bewkes, who became chief operating officer of Time Warner at the beginning of 2006, received total compensation valued at $14.9 million. Bewkes had previously been head of the company’s networks and entertainment businesses.

Bewkes received $1.25 million in salary, $7.5 million in bonus, and stock and options valued at $6.1 million. He also received other compensation of $78,028, which included $16,512 in transportation benefits and $8,800 in savings plan contributions.

Time Warner is a giant media company whose businesses include Time Warner Cable, the second-largest cable TV operator in the country after Comcast Corp.; the Warner Bros. movie and TV studio; CNN, HBO and many other cable networks; AOL, and Time Inc., a leading magazine publisher.

In 2006, the company earned $6.55 billion, or $1.55 per share, up from $2.67 billion, or 57 cents per share, a year earlier, as revenues rose 4 percent to $44.2 billion.

The Associated Press’ calculations of total pay include executives’ salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don’t include changes in the present value of pension benefits and sometimes differ from the totals released by the companies.

Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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