Viacom's Redstone sees pay rise 77 pct to $36.2M

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Associated Press

Posted on January 25, 2014 at 4:00 AM

Updated Saturday, Jan 25 at 9:01 AM

NEW YORK (AP) — Viacom Inc.'s nonagenarian founder Sumner Redstone saw his pay jump 77 percent to $36.2 million last year, reflecting a surge in the value of his special stock options.

The executive chairman's special options rose in value by $26 million. They gained $12.9 million in the prior year. Stock options rise in value when the stock price rises.

Viacom's widely traded Class B shares rose 56 percent over its fiscal year to close at $83.58 at the end of September.

Redstone, 90, bought the options in September 2006 using cash from salary he had deferred. Executives typically defer salary to put off paying taxes until later years.

The AP's calculation counts salary, bonuses, perks and stock and options awarded to the executive during the year.

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