Viacom Acting CEO Bakish To Get $12 Mln Target Pay, Two Salaries

(RTTNews) - Viacom Inc.'s (VIAB, VIA) Bob Bakish will enter the job as acting chief executive officer with a minimum $12 million target annual compensation while the board weighs a potential deal with CBS Corp. (CBS-A, CBS).

The company disclosed in a regulatory filing that Bakish will receive an annual salary of $2.5 million or $500,000 monthly, whichever is greater, as acting CEO.The board also granted him a separate $2.75 million salary in his capacity as head of Viacom Global Entertainment Group, a division of the company that includes international networks and music channels like MTV. He's eligible for $3.25 million in equity awards and a $3.5 million target annual bonus that can be increased based on his performance as company chief.

Bakish, who became division chief on Monday and will start the CEO job on November 15, was brought in to lead Viacom as its board considers a potential merger with CBS, a process that could take months.

The Redstone family, which controls both companies, in September floated the idea to recombine the two businesses.