☀️Disney Layoffs Begin, as Shell Ousting Details emerge at NBCU
MARIO breaks more records, as RENFIELD red ink flows / A24 BEAU's good & hmm wknd / Daniel Craig gets OUTER BANKS co-star in next pic
Mornin! This is Sean McNulty (connect with me on LinkedIn here if ya like), and here’s the Hollywood + Media news to know on MONDAY April 24, 2023.
Where from Iger 2.0… to UFC-WWE… to Shellshock - Sunday evening is the officially the new Monday 🤦♂️.
Although I’m having trouble coming up with another Studio… or any major Hollywood company for that matter where an affair was the source of removal for their top 2 executives (much less in a 3-year period).
PLUS: A happy CINEMACON to those of you who celebrate. Richard & Elaine - enjoy noshing on all the new movie theater food options with Zaz, as well as all of the NBCU gossip that will be taking place.
BUT: While Jeff Shell would have been due over $25 Million if he was terminated without cause according to COMCAST’s last proxy statement… (of note: COMCAST does have a clawback clause in there - where legally applicable of course), it’s definitely payday everywhere else.
Reed Hastings made $51 Million in 2022, an increase of $10 Million in stock compensation (Reed actually takes almost all of his compensation in stock).
Although Reed’s total comp will fall to about $3 Million in 2023 given his new role at the company.
Ted Sarandos took home $50 Million, an increase of $12 Million, again mostly in stock comp.
But as always, Ted prefers some walkin’ around cash… taking $20 Million of it in cash salary, same as last year.
Greg Peters got $28 Million, also taking a large amount in cash at $16 Million.
CFO Spencer Neumann got $17 Million total: $7 Million in cash, and $10 Million in stock.
But hey I mean the NFLX stock value fell -50% on the year, so its totally worth the comp bumps. Hey wait a second… 🤔. It’s like they’re totally unrelated! Weird.
CEO Greg Maffei made $22.4 Million in 2022, up $800k from 2021. The guy upstairs (John Malone, not God - but don’t tell him that) made $1.3 Million, but I’m confident he can still clear the staff payments at his Irish Castle.
CEO Jennifer Wirtz cleared $7.3 Million in 2022, that’s down from over $32 Million in 2021 (difference mostly due to stock grants). That includes a base of $1.75 Million (or about $67k every 2 weeks before taxes and 401K), and a bonus of $4.1 Mil, down from $6.1 Mil in 2021.
CEO Sundar Pichai said hold my beer… getting $210 Million in stock options in 2022, vesting over 3 the next years. His salary was $2 Million, and security detail was $4 Million.
The fun part is that’s actually -23% less than the last 3-year stock grant he was given. Then again he didn’t layoff 12,000 people in that tenure.
4 other top GOOGLE execs got 1-year stock comp packages worth between $40 Mil and $50 Mil.
GOOGLE stock was -38% in 2022, a year in which they were also outmaneuvered in advancements related to future of the business upon which the company rests.
AN INSPIRATIONAL REALITY CHECK:
This piece from 60 Minutes last night on doctors & medical professionals from the US and elsewhere going to SYRIA to help the victims in a still-independently held corner of the country after the massive earthquakes there in February is definitely worth your time.
The efforts are backed by an organization called SAMS that spends $28 Million annually to help the Syrian people, $10 Million of which is from US foreign aid (any chance we could throw in some GOOG stock options?).
I found it to be a needed dose of inspiration, perspective, and true reminder of the will of the human spirit, so - just sharing for those who could use a dose as well.
ANOTHER Eh… TO THE Wakeup Box Office Poll crew:
Only 27% of you took the correct “Over $22 Million” option for Evil Dead Rise.
IN TODAY’S EDITION:
The latest on Shellshock at NBCU, as DISNEY drops layoffs news.
UNI’s tale of 2 movies continues, with Super Mario setting more records… and Renfield bleeding more red ink.
A24 does well in first Beau is Afraid expansion… although given the film’s pricetag - a long way to go, plus the entire Box Office roundup… as the CHINA market continues to move on from American films.
TO NOTE: The newsletter will be out a little later tomorrow due to morning earnings calls so you have the latest analysis.