CEOs of some of America’s largest entertainment companies saw their compensation rise at a rate more than double that of the average chief executive at the country’s largest companies in 2023, according to new data. The top executives of Disney, Warner Bros., Netflix, and five other companies earned an average of $34.8 million last year. At companies such as Warner Bros., Liberty Media, Disney, Lionsgate, and Netflix, CEO compensation rose more than 20% from 2022 to 2023. Lionsgate CEO Jon Feltheimer saw the largest jump in compensation, with his total pay increasing by 284% to $21.5 million in 2023.
Bob Iger, who returned as Disney’s CEO in 2022 and went full time in 2023, saw his earnings jump 110% to $36.1 million. Netflix’s Greg Peters, who was made co-CEO in January 2023, saw his pay rise 29% to $40.1 million. Comcast chairman and CEO Brian Roberts earned $35.5 million in 2023, Liberty Media CEO Greg Maffei saw his pay rise 28% to $28.7 million, and Warner Bros. CEO David Zaslav was paid $49.7 million, up 26.5% from the previous year. AMC Entertainment CEO Adam Aron earned $25.4 million in 2023, including stock awards and a bonus, after agreeing to a cut in his target compensation to appease shareholders.
While some CEOs saw increases in their compensation, others saw slight decreases. Paramount Global CEO Bob Bakish and Netflix co-CEO Ted Sarandos saw slightly lower pay in 2023. Despite this, their compensation was generally in line with what they made in the previous year. The average pay for CEOs of the 100 companies with the largest revenue streams in 2023 was $23.7 million, with their compensation rising 11.4% on average. In comparison, the rise in entertainment CEOs’ salaries almost doubled that, increasing 24.7% on average at the eight companies mentioned.
Production companies and distributors faced challenges in 2023, including actors’ and writers’ strikes and box office earnings that have yet to return to pre-pandemic levels. Many productions were delayed, and release dates for major films were pushed back, with the 2023 domestic box office hitting $9 billion just before the end of the year. Analysts initially projected 2024 domestic sales around $8 billion, but estimates have since been raised to $8.2 billion. Streaming was a major factor in entertainment stock performance in 2023, with companies like Lionsgate and Netflix seeing significant gains, while legacy companies like Disney and Comcast experienced more modest growth or declines.
Overall, the compensation of CEOs at some of America’s largest entertainment companies saw significant increases in 2023, with average pay rising more than double that of CEOs at the country’s largest companies. Despite challenges such as production delays and box office struggles, CEOs at companies like Disney, Warner Bros., and Netflix saw notable jumps in their compensation. As the entertainment industry continues to evolve, streaming platforms and strategic acquisitions are driving stock performance and shaping the landscape for CEOs and their pay structures.
