By Drew FitzGerald

WarnerMedia boss Jason Kilar was the top-paid executive at AT&T Inc. last year after the telecom giant gave him a stock award worth $49 million to join the company on the cusp of its streaming video service's launch.

Mr. Kilar's 2020 compensation totaled $52.2 million, which included an award of restricted stock units valued at $49.2 million when he received them, according to a securities filing. The awards will vest over a four-year period. He also earned a $1.7 million salary.

His reported compensation package was worth more than twice as much as that of his boss. AT&T Chief Executive Officer John Stankey's total compensation was $21 million in 2020. That package included a roughly $2 million salary and $13.5 million of stock awards, according to the filing.

A spokesman for AT&T said Mr. Kilar's reported compensation doesn't reflect his actual 2020 take-home pay because the stock awards will pay out over four years. Securities and Exchange Commission rules require companies to report the market value of equity awards as of the day they are granted, including the full value of grants that vest over multiple years.

"Going forward, Mr. Kilar's compensation is structured to be consistent with compensation practices in the media and technology industry," the company said. "Actual payouts will depend on AT&T's share price performance over that period."

Randall Stephenson, the conglomerate's chairman for the year and chief executive through June, collected $29.2 million in total compensation. He left the company in January and was succeeded as chairman by longtime director William Kennard.

The heads of large media companies often collect bigger compensation packages than their peers in other industries. AT&T hired Mr. Kilar in early 2020 before the launch of HBO Max. He had previously led Hulu, a rival streaming service later taken over by Walt Disney Co.

AT&T's stock fell 26% last year as concerns about the company's debt load and the heavy cost of future network investments preoccupied investors. The company is staking much of its entertainment strategy on the success of HBO Max, an online-only streaming video service built to compete with similar offerings from Netflix Inc. and Disney.

Write to Drew FitzGerald at andrew.fitzgerald@wsj.com

(END) Dow Jones Newswires

03-11-21 1911ET