Time Warner CEO Jeff Bewkes saw his compensation surge to nearly $49 million in 2017, thanks to  $32 million worth of stock related to the company’s planned merger with AT&T.

The out-sized grant, which vests over time, is intended to incentivize Bewkes to remain with the company, post-merger (that is, if AT&T wins its antitrust battle with the Justice Department). He did not receive any grants this year.

As a result of the stock award, Bewkes’ compensation jumped 50% from his 2016 earnings, which totaled $32.6 million. He also collected a bonus of $14.7 million and base salary of $2 million.

Time Warner reported first quarter revenues increased 3% to $8 billion on growth at Turner and HBO, partially offset by a decline at Warner Bros. Operating income decreased 13% to $1.8 billion and 8% on an adjusted basis to $2 billion, which the company blamed on “declines at all operating divisions.”