February 23, 2024

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Netflix shareholders reject pay packages for high executives

2 min read

New York: Netflix shareholders voted to reject pay packages for the corporate’s management, together with Co-CEO Ted Sarandos and Greg Peters, a non-binding protest towards lavish pay for high media executives.

Sarandos is meant to make as a lot as $40 million between his wage, bonus and inventory choices whereas Peters, who was named co-CEO in January, is meant to make $34.6 million. Reed Hastings, the corporate’s co-founder and government chairman, will earn $3 million.

The shareholders voted towards the proposed compensation throughout an annual assembly, in response to an individual acquainted with the matter. Netflix’s board can disregard the outcomes, as they’ve up to now, although the vote is important given the present strife between main Hollywood studios and screenwriters.

Putting Hollywood writers have lambasted media corporations for paying their executives an excessive amount of cash, pointing to the salaries of Walt Disney Co. chief Bob Iger and Warner Bros. Discovery Inc. boss David Zaslav, amongst others. The writers say they’re asking for a rise in wage that’s lower than a handful of moguls make per yr. The Guild started a strike in early Might with its members demanding larger pay amid fast modifications in the way in which folks watch their packages and movies.

A lot of the votes had been in earlier than the Writers Guild of America, which represents greater than 11,500 screenwriters, beneficial the shareholders to vote towards the packages in a public letter final week, mentioned the particular person, who declined to be recognized.

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