In an SEC filing Friday, the company said it had reached a three-year contract extension with the former Amazon and Pandora executive. The pact started June 21 and runs through June 20, 2026, the filing said.Chopra joined the company in 2020, when it was known as ViacomCBS. He has been a key lieutenant for CEO Bob Bakish, articulating the financial rationale behind strategic moves like the company’s push into direct-to-consumer streaming and a number of cost reduction initiatives. One notable streamlining move took effect earlier this week, with Paramount+ officially adding the premium tier Paramount+ With Showtime in sync with a rebrand of the linear network formerly known as Showtime. The company has estimated the move could save $700 million as it combines operations of two formerly stand-alone streaming outlets.Under the new contract, Chopra will maintain a base salary of $1.4 million and will have an increase in his target annual cash bonus to 175% of the base salary, with target value for equity compensation upped to $4.15. In 2022, according to the company, Chopra took home $6.5 million in total, up from $4.1 million in 2021.Like many media companies, Paramount remains challenged by the decline of pay-TV and uncertainty surrounding the theatrical film marketplace. Its shares fell 14% in the first half of 2023, though they have rebounded a bit from a steep plunge earlier this year following weaker-than-expected guidance, investor concerns about streaming expenses and general market volatility.In an appearance this month at a conference hosted by investment firm Gabelli & Co., Chopra highlighted moves like the sale of book publisher Simon & Schuster, which he said should close by year-end, as well as optimism about an advertising rebound.
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