NEW YORK (AP) - Jeff Bewkes, who took over as CEO of the media conglomerate Time Warner Inc. this year, received compensation valued at $19.4 million in 2007, according to a regulatory filing made Friday.
That represented an increase of 30 percent over the compensation package he received the year before, when he was still chief operating officer. Bewkes became CEO on Jan. 1, succeeding Richard Parsons.
Bewkes received overall compensation valued at $14.9 million in 2006, with the difference due to the estimated value of stock and options awards he received in the two years.
Bewkes' base salary was unchanged in 2007 at $1.25 million, while his bonus edged down to $7 million from $7.5 million the year before.
Parsons, who was CEO during 2007 and is still serving as chairman, received overall compensation valued at $18.1 million last year, a slight decrease from $18.4 million the year before.
Parsons' base salary was also unchanged at $1.5 million, while his bonus decreased to $7.5 million from $8.5 million.
Time Warner has struggled for several years with a stagnant stock price, and investors have been pressing the company to further restructure its sprawling portfolio of assets and take action to revive its flagging AOL subsidiary.
Bewkes indicated in his first conference call about earnings that the company would separate AOL's declining dialup Internet access business from its rapidly growing online advertising operations -- a move that could presage a deal to sell off some or all of AOL.
Bewkes also said the company would consider what to do with its 84 percent ownership of its publicly traded cable TV subsidiary, Time Warner Cable, which is the second-largest cable company in the country behind Comcast Corp.
Time Warner is the largest media conglomerate by revenues, with businesses that include Time Warner Cable, Warner Bros., the magazine publisher Time Inc., AOL and a group of cable channels that includes HBO, CNN, TBS and TNT.
The Associated Press' calculations of total compensation include salary, bonus, perks, 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 that companies report in the summary compensation table of proxy statements filed with the Securities and Exchange Commission.
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