Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nasdaq  >  Comcast Corporation    CMCSA

COMCAST CORPORATION (CMCSA)
My previous session
Most popular
  Report  
Real-time Quote. Real-time Cboe BZX - 09/25 03:01:31 pm
35.885 USD   +0.72%
10:42aComcast crosses 30 percent Sky threshold after buying shares
RE
10:03aComcast Buys 30% Stake in Sky Following Triumph in Bidding War --..
DJ
09:34aComcast Corporation RECOMMENDED MANDATORY -6-
DJ
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsTweets
OFFRE

Disney shareholders vote against CEO Iger's pay package

share with twitter share with LinkedIn share with facebook
share via e-mail
0
03/09/2018 | 02:31am CEST
FILE PHOTO - Disney's Chief Executive Officer Bob Iger holds a news conference at Shanghai Disney Resort as part of the three-day Grand Opening events in Shanghai

(Reuters) - Walt Disney Co (>> Walt Disney Company (The)) shareholders rejected an executive compensation plan that could reward Chief Executive Officer Bob Iger with up to $48.5 million (35.11 million pounds) a year over four years plus an equity grant worth about $100 million, in a non-binding vote on Thursday.

(Reuters) - Walt Disney Co shareholders rejected an executive compensation plan that could reward Chief Executive Officer Bob Iger with up to $48.5 million (35.11 million pounds) a year over four years plus an equity grant worth about $100 million, in a non-binding vote on Thursday.

The total compensation is tied to the closing of Disney's planned $52.4 billion acquisition of film and TV assets from Twenty-First Century Fox and meeting performance targets.

Fifty-two percent of shareholders voted against Disney's compensation plan for Iger and other executives, the company said at its annual shareholder meeting in Houston. Forty-four percent cast ballots in favor and 4 percent abstained.

"The board accepts the result of today's non-binding vote and will take it under advisement for future CEO compensation," Aylwin Lewis, chair of the board's compensation committee, said in a statement.

Iger's continuation as chief executive is imperative in light of the planned Fox acquisition, Lewis said, noting that total shareholder return has more than quadrupled over Iger's tenure.

Iger has been CEO since 2005 and added the title of chairman in 2012.

Under the compensation plan, Iger would be paid up to $48.5 million in annual salary and bonuses if the Fox deal goes through, for each of the four years from 2018 to 2021.

Iger was also awarded an equity grant that could be worth about $100 million in 2021, according to proxy adviser Institutional Shareholder Services, which urged investors to vote against the pay resolution. Seventy-five percent of the grant is based on Disney's total shareholder returns compared with the S&P 500 Index.

Iger's compensation reached $36.3 million in fiscal 2017. His contract was extended through 2021 when Disney announced the Fox deal in December.

It is unusual for shareholders to vote against executive compensation. Just 1.2 percent of S&P 500 companies failed to win majority support for their advisory pay resolutions in 2017, according to ISS Analytics.

ISS said the "substantial" payments to Iger tied to the Fox merger were "concerning."

"While we acknowledge the need to retain critical leadership in anticipation of such a significant merger, the magnitude of the special equity grant ($100 million) is excessive," ISS said in a January report.

Lewis said the board had decided it was "imperative" for Iger to remain to oversee the integration of Fox businesses and that Fox also felt his continued leadership was "essential."

Total shareholder return has jumped 414 percent during Iger's tenure, and Disney's market capitalization has climbed to $156 billion from $46 billion, Lewis added.

"We believe that the terms of Bob's extension are in the best interests of our company and our shareholders, and essential to Disney's ability to effectively maximize long-term value from this extraordinary acquisition," Lewis said.

The Fox acquisition is undergoing regulatory review that could take at least a year and has been complicated by Comcast Corp's (>> Comcast Corporation) bid for one of the assets, Britain's Sky PLC.

At the shareholder meeting, Iger said the deal would create "an extraordinary global entertainment company with a content and the platforms and the reach to meet the growing demands of consumers around the world."

One shareholder asked Iger about his plans for Fox Searchlight, the arthouse film division that on Sunday won the Academy Award for best picture for "The Shape of Water."

"We have every intention, once the acquisition is approved, to maintain the business of Fox Searchlight," Iger said.

(Reporting by Lisa Richwine in Los Angeles and Taenaz Shakir in Bengaluru; Editing by Cynthia Osterman and Leslie Adler)

By Lisa Richwine

Stocks mentioned in the article
ChangeLast1st jan.
COMCAST CORPORATION -5.99% 35.63 Delayed Quote.-11.04%
DJ INDUSTRIAL -0.68% 26562.05 Delayed Quote.7.46%
NASDAQ 100 0.23% 7548.7507 Delayed Quote.17.74%
NASDAQ COMP. 0.08% 7993.2481 Delayed Quote.15.70%
S&P 500 -0.35% 2919.37 Real-time Quote.9.57%
SKY 0.26% 1726 Delayed Quote.70.11%
TWENTY-FIRST CENTURY FOX 1.53% 45.01 Delayed Quote.30.35%
WALT DISNEY COMPANY (THE) 2.15% 112.77 Delayed Quote.4.89%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on COMCAST CORPORATION
10:42aComcast crosses 30 percent Sky threshold after buying shares
RE
10:03aComcast Buys 30% Stake in Sky Following Triumph in Bidding War -- Update
DJ
09:34aComcast Corporation RECOMMENDED MANDATORY -6-
DJ
09:34aComcast Corporation RECOMMENDED MANDATORY -5-
DJ
09:34aComcast Corporation RECOMMENDED MANDATORY -4-
DJ
09:34aComcast Corporation RECOMMENDED MANDATORY -3-
DJ
09:34aComcast Corporation RECOMMENDED MANDATORY -2-
DJ
09:34aComcast Corporation RECOMMENDED MANDATORY SUPERIOR CASH OFFER FOR SKY
DJ
08:48aComcast Shares Drop After Sky Deal -- WSJ
DJ
08:48aCOMCAST : Greenblatt, Who Led NBC's Upturn, Leaves
DJ
More news
News from SeekingAlpha
08:07aDIVIDEND SENSEI'S PORTFOLIO UPDATE 5 : What I'll Be Buying During The Next Bear .. 
07:40aInvestors Are Thinking Short Term - Cramer's Mad Money (9/24/18) 
06:11aComcast buys over 30% of Sky shares 
09/24Disney Will Likely Win The War With Hulu 
09/24Comcast picks up downgrades after Sky bid 
Financials ($)
Sales 2018 89 358 M
EBIT 2018 19 274 M
Net income 2018 12 067 M
Debt 2018 62 318 M
Yield 2018 2,09%
P/E ratio 2018 13,70
P/E ratio 2019 12,83
EV / Sales 2018 2,52x
EV / Sales 2019 2,45x
Capitalization 163 B
Chart COMCAST CORPORATION
Duration : Period :
Comcast Corporation Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends COMCAST CORPORATION
Short TermMid-TermLong Term
TrendsNeutralBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 43,0 $
Spread / Average Target 21%
EPS Revisions
Managers
NameTitle
Brian L. Roberts Chairman, President & Chief Executive Officer
Michael J. Cavanagh Chief Financial Officer & Senior Executive VP
Kenneth J. Bacon Independent Director
Sheldon M. Bonovitz Director
Jeffrey A. Honickman Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
COMCAST CORPORATION-11.04%163 254
WALT DISNEY COMPANY (THE)4.89%167 716
SKY70.11%38 795
LIBERTY SIRIUS XM GROUP5.42%23 663
LIBERTY MEDIA FORMULA ONE8.83%23 663
LIBERTY BRAVES GROUP18.78%23 663