Time Warner CEO Bewkes will earn $2 million salary under 5-year contract extension

Time Warner Inc. (NYSE: TWX) signed CEO Jeff Bewkes to a five-year extension on his employment contract in which his annual salary will remain at $2 million.

Bewkes, who has championed multiplatform distribution for HBO, Cartoon Network, TBS and other cable networks owned by Time Warner, will also receive a target bonus each year of $10 million in stock and stock options. That's the same bonus Bewkes had under his previous employment contract.

While some major programmers such as Discovery Communications (Nasdaq: DISCA) have resisted distributing full-length TV series on the Web and mobile platforms, Bewkes, 60, has embraced the idea of offering all subscription video content on any device to authenticated cable and satellite TV subscribers. In April, Time Warner's Turner Broadcasting division announced that it would stream Cartoon Network  24-hours a day on the Web and mobile devices. The company distributes HBO Go on multiple platforms, including Microsoft's (Nasdaq: MSFT) Xbox 360 and Roku's streaming video set-tops.

"We as an industry have to look at the interfaces and let the consumer use the interface they want. If they like what Apple (Nasdaq: AAPL) does, or Netflix (Nasdaq: NFLX) does, you've got to let them use that. You'll still have your subscriber relationships," Bewkes said at The Cable Show convention in May.

For more:
- see the release
- The Associated Press has this story

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