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Executive salaries have taken a cut, with Bronfman and Lyor Cohen each earning a base salary of $1 million, with performance-based bonuses of between two-and-a-half to six times that.
Friday, May 21, 2004

WMG’S INNER WORKINGS REVEALED

Industry Sources Outline Major Shareholders, Salaries After More Than $277 Million in Cuts
Warner Music Group honcho Edgar Bronfman Jr. is hoping to deliver on more than $277 million in annual savings to please his investment group and Wall Street, starting with salary cuts and including roster trimming.

Executive salaries have taken a nosedive, with Bronfman and WMG N.A. chief Lyor Cohen each earning a base salary of $1 million, with performance-based bonuses of between two-and-a-half to six times that.

Warner/Chappell Chairman/CEO Les Bider earns $1 million, and is eligible for that amount in bonuses. Exec. VP/CFO Helen Murphy has a salary of $750k, while EVP/ General Counsel Dave Johnson makes $700k. Both are eligible for bonuses equal to the average of the ones they received over the past two years.

Warner Bros. Records Chairman Tom Whalley was paid $2.2 million and earned a $3.5 million bonus last year.

WMG ownership figures show that Thomas H. Lee Partners are the largest shareholders at 49.8%, with Bain Capital at 21.3%, Bronfman’s Lexa Partners at 12.5%, Providence Equity partners at 11%, Edgar Bronfman Jr. at 2.9% and Lyor Cohen with 2.1%.

 
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