Comcast CEO Brian Roberts’ Pay Rises to $35.5M, President Michael Cavanagh’s Drops to $29.6M in 2023

Georg Szalai
·3-min read

NBCUniversal owner Comcast has disclosed higher 2023 compensation packages for chairman and CEO Brian Roberts and president Michael Cavanagh, along with pay details for other top executives.

Comcast’s proxy statement, filed with the Securities and Exchange Commission on Friday, a day after the company’s first-quarter 2024 earnings report, showed that Roberts’ pay hit $35.5 million in 2023, up 11 percent compared with $32.1 million in 2022. He had made $34 million in 2021, $32.7 million in 2020 and $36.4 million in 2019.

More from The Hollywood Reporter

Cavanagh’s compensation package was worth $29.6 million last year, down 27 percent from $40.5 million in 2022 when he had served as chief financial officer until being promoted to president in October 2022, which brought him a pay boost. Jason Armstrong then took over as CFO in early 2023.

Cavanagh saw increases across most compensation categories, but his options awards for 2023 amounted to $7.0 million, compared with $21.1 million in 2022 when he was elevated.

Robert’s salary remained at $2.5 million in 2023, but his stock awards rose from $13.4 million in 2022 to $15.0 million, his option awards from $8.5 million to $9.2 million, and his non-equity incentive plan compensation from $7.5 million to $8.6 million.

In its regulatory filing, Comcast touted Robert’s “invaluable long-term vision and stability.” It added that the CEO “sets the tone for our businesses to execute at the highest level and to continue their strong collaboration” and “has thoughtfully developed key senior leadership talent.” Concluded the filing about Roberts: “He also has continued our company’s commitment to advancing digital equity, a culture of integrity and respect and environmental sustainability.”

Armstrong’s pay package hit $11.6 million.

The compensation unveiled for Comcast top brass on Friday was for what was a strong 2023 for the conglomerate. Comcast’s stock jumped 26 percent last year. The company’s revenue also climbed slightly in 2023 to $121.6 billion, adjusted net income rose 2 percent to $16.5 billion, while Comcast’s free cash flow increased 2.5 percent to nearly $13.0 billion.

Comcast previously also touted the highest-ever fourth-quarter and full-year adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for its theme parks unit. And its streamer Peacock surpassed $1 billion in quarterly revenue for the first time. In January, Cavanagh called Peacock “the fastest-growing streamer in the U.S.,” while CFO Armstrong highlighted: “2023 marked the peak in annual losses at Peacock and for 2024 we expect to show meaningful improvements in losses, versus 2023.”

Friday’s Comcast proxy statement included a message from Roberts and lead independent director Edward Breen. “We are pleased to report that 2023 was another record year for Comcast. We delivered some of our best financial results in history, returned $16 billion of capital to shareholders and raised our dividend for the 16th consecutive time,” they wrote. “Our strong performance was fueled by meaningful investments and execution across our six key growth areas.”

They also touted that Comcast is providing “unparalleled entertainment experiences that delight viewers and guests,” highlighting: “Our film business ranked #1 by worldwide box office in 2023, buoyed by blockbuster hits such as Oppenheimer, which earned seven Academy Awards, including best picture. Peacock remained the fastest-growing streaming service in America in 2023, increasing paid subscribers by nearly 50 percent to 31 million. And, at theme parks, we achieved record-high revenue and adjusted EBITDA and have a pipeline of exciting new attractions and experiences coming soon, including the much-anticipated opening of Epic Universe in 2025.”

Best of The Hollywood Reporter

  • Up next
  • Up next
  • Up next
  • Up next

Latest stories