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The Future. From massive layoffs to project pullbacks, Hollywood has seen a host of cost-cutting efforts across the industry, especially amid economic headwinds. But one area that hasn’t seen a reduction is CEO pay. In the midst of a gnarly writers strike, it isn’t a great look — might it finally prompt more equitable cost-cutting across all of Hollywood?
A cut above
Cost-cutting measures across Hollywood seem to have hit everyone but top execs.
- The Hollywood Reporter found that compensation packages for executives across media and entertainment have gone up 7.7% since 2021.
- Driven by large stock awards, several top Hollywood execs saw their 2022 paydays increase.
- For example, Paramount Global CEO Bob Bakish saw a 60% bump in pay, while Comcast’s Michael Cavanagh got a 48% pay raise.
Bad optics
The compensation disclosures have been made public at quite possibly the worst possible time (or best, depending on how you view it), with the recent writers strike and layoffs across the industry.
Emphasizing the inequity, Senator Bernie Sanders tweeted: “Last year, 8 Hollywood CEOs made nearly $800 million, yet pay for TV writers has fallen by 23 percent over the last 10 years.”
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