John Hendricks received $58m last year

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Discovery’s founder and chairman John Hendricks received a total pay and compensation package last year worth US$58m, according to an SEC filing. The data emerged in a proxy filing made by Discovery Holdings.

The background to the SEC filing is complex, given that Discovery Holding controls a 66.7% interest in Discovery Communications Inc. Later this year the whole bundle will combine with the 33.3% interest in Discovery Communications held by Advance/Newhouse, and thus creating one, unified operation. The deal is seeking regulatory and shareholder approval, and if all goes well the “merger” will close at the end of this year.

One of the strongly pitched benefits is the higher transparency that a single, unified business will permit, and hence the revelation on Mr Hendricks’ pay and compensation. In truth Mr Hendricks’ overall package is made up of a $1m salary, $500,000 in bonuses and a total of $56.2m in stock options ($28.6m of which came from a long-term incentive plan for employees).

However, new CEO hiring David Zaslev, who replaced Judith McHale, pocketed $19.1m in total compensation last year.

Discovery yesterday named a new CFO in the shape of a former American Towers financial director Brad Singer, who replaces Roger Millay who is leaving the company. Singer joins in a month on July 15.

Source: Rapid TV News