Bernstein Research’s Todd Juenger seems to think so based on his light-hearted, and occasionally acidic, effort this morning to develop awards for media business types who don’t qualify for, say, the Academy Awards. (For example, his “Best Actor” award to the executive with the highest earnings goes to CBS’ Les Moonves who made about $70M in 2011.) The stand-out line, though, summarizes his view about what it takes to be a Big Media CEO: They “are rewarded mostly for doing nothing but collecting affiliate fees and buying back stock,” he says. “It takes a lot of guts to deviate from that formula, given the safety and reward that can be gained by sticking to it.” Juenger also nails the Alice In Wonderland logic companies use to justify CEOs’ jumbo-sized pay — especially when the compensation shows little correlation to stock performance over the last three years. For instance, he notes that “The top two earners over the three-year time frame, by far, are the CEOs of CBS ($171M) and Viacom ($162M), proving it’s especially lucrative to be a media CEO working for Sumner Redstone when he thinks you’re a ‘genius’ (CBS) or a ‘genius and the wisest man I ever met’ (Viacom).”
Here are other winners of Juenger’s “Bernie” awards. Best TV Program Franchise (Profitability): American Idol. Best Actress 2011: ABC’s Anne Sweeney. Best Network (Total Profits): ESPN (~$3.5B). Best Network Group, Domestic (Highest Margin): Discovery (58%). Best Network Group, International (Highest Margin): Discovery (40%). And Lifetime Achievement (Most Cumulative Gross Ratings Points Delivered): Moonves (for his work both at CBS and Warner Bros.).
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