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Media Heads Rule Ranks of Best-Paid CEOs

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This photo shows six of the ten highest-paid CEOs in 2014, according to a study carried out by executive compensation data firm Equilar and The Associated Press. Top row, from left: David Zaslav, Discovery Communications; Les Moonves, CBS; and Philippe Dauman, Viacom. Bottom row, from left: Robert Iger, Walt Disney; Brian Roberts, Comcast; and Jeffrey Bewkes, Time Warner. (AP Photo)

This photo shows six of the ten highest-paid CEOs in 2014, according to a study carried out by executive compensation data firm Equilar and The Associated Press. Top row, from left: David Zaslav, Discovery Communications; Les Moonves, CBS; and Philippe Dauman, Viacom. Bottom row, from left: Robert Iger, Walt Disney; Brian Roberts, Comcast; and Jeffrey Bewkes, Time Warner. (AP Photo)

STEVE ROTHWELL, AP Business Writers
RYAN NAKASHIMA, AP Business Writers

NEW YORK (AP) — They’re not Hollywood stars, they’re not TV personalities and they don’t play in a rock band, but their pay packages are in the same league.

Six of the 10 highest-paid CEOs last year worked in the media industry, according to a study carried out by executive compensation data firm Equilar and The Associated Press.

The best-paid chief executive of a large American company was David Zaslav, head of Discovery Communications, the pay-TV channel operator that is home to “Shark Week.” His total compensation more than quadrupled to $156.1 million in 2014 after he extended his contract.

Les Moonves, of CBS, held on to second place in the rankings, despite a drop in pay from a year earlier. His pay package totaled $54.4 million.

The remaining four CEOs, from entertainment giants Viacom, Walt Disney, Comcast and Time Warner, have ranked among the nation’s highest-paid executives for at least four years, according to the Equilar/AP pay study.

One reason for the high level of pay in the industry is that its CEOs are dealing with well-paid individuals.

“The talent, the actors and directors and writers, they’re being paid a lot of money,” said Steven Kaplan, a professor of finance at the University of Chicago Booth School of Business. “In industries where the talent makes a lot of money, the CEO makes a lot of money as well.”

Pay packages for CEOs overall grew for the fifth straight year in 2014, driven by a rising stock market that pushed up the value of executive stock awards. Median compensation for the heads of Standard & Poor’s 500 companies rose to a record $10.6 million, up from $10.5 million the year before, according to the Equilar/AP pay study.

Peer pressure is another factor driving up executive compensation. The board members responsible for setting CEO pay typically consider what the heads of similar companies are making. If pay for one goes up, it will likely go up for others.

For the chieftains of media, there are also other factors boosting pay.

Several work at companies where a few major shareholders control the vote.

The media magnate Sumner Redstone controls almost 80 percent of the voting stock at CBS and Viacom. Because of his large holdings, Redstone can easily override the concerns of other investors about the level of CEO pay. Discovery’s voting stock is heavily influenced by the brothers Si and Donald Newhouse and John Malone, another influential investor in the media industry.

At Comcast, which owns NBC and Universal Studios, CEO and Chairman Brian Roberts controls a third of his company’s voting stock. That means he has substantial influence on the pay that he is awarded.

Comcast had no comment when contacted by the AP for this story.

All of the media executives have tried, with varying degrees of success, to maximize the value of their company’s entertainment brands online and on mobile devices.

For example, Moonves at CBS launched the series “Under the Dome” — based on the Stephen King novel — both on the network and on the Amazon Prime streaming service. Besides reaching online customers, the move helped offset production costs. The company, whose shows also include “NCIS” and “The Good Wife,” has attracted 100,000 customers to “CBS All Access,” an online subscription platform that costs $6 a month. Time Warner, under CEO Jeffrey Bewkes, launched HBO Now, which streams shows to computers, tablets and smartphones for $15 a month.

At Disney, CEO Bob Iger has bolstered revenues through canny acquisitions.

The purchase of Marvel in 2009 is reaping dividends with blockbuster superhero movies. “Avengers: Age of Ultron,” pulled in almost $190 million in its opening weekend, making it the second-biggest U.S. movie opening ever. Disney’s purchase of LucasFilms in 2012 means it also owns the highly lucrative “Star Wars” franchise, with the next installment scheduled for release in December.

Disney spokesman David Jefferson said in an email that Iger’s pay award “reflected the company’s outstanding financial performance,” and cited its record earnings. He also said that during Iger’s tenure Disney has returned more than $51 billion to stockholders through share buybacks and dividends.

Media stocks have climbed strongly the past five years. An index of media companies in the S&P 500 index has risen 194 percent compared with a gain of 94 percent for the broader S&P 500.

Discovery’s stock price has climbed almost fivefold since it started trading as a public company in September 2008.

Zaslav, who has led Discovery since 2007, saw his compensation rise last year after he negotiated a new contract that will keep him at the company until 2019. Last year’s pay package included $145 million in stock and options awards, $6 million in cash bonuses, $3 million in base salary, and $1.9 million in perks.

The company has pushed its channels overseas where pay TV penetration is growing faster than in the U.S. Last year, Discovery also grabbed a controlling stake in Eurosport International, making a bet on live sports. The move into European sports has set the stage for renewed growth overseas.

Zaslav has done a terrific job, said Chris Marangi, portfolio manager at GAMCO Investors Inc., which holds more than $150 million in Discovery stock.

The CEO has returned cash to shareholders and increased viewership largely through company-owned reality TV shows like “Say Yes to the Dress” and “Deadliest Catch.”

“He’s a dynamic leader at the helm of a company in a very fast-changing industry,” Marangi said.

Even though Discovery’s stock has slumped over the last 18 months, it is still up 244 percent since Zaslav took the helm in 2007. That compares with a gain of 46 percent for the S&P 500 over the same time.

Discovery declined to comment for this story when contacted by the AP.

The pay package of Viacom CEO Philippe Dauman’s reflects “solid financial results, execution on key operational goals and a return of $3.9 billion to stockholders through stock buybacks and dividends,” company spokesman Jeremy Zweig said in an email.

Top executives are getting paid more because much of their compensation comes from bonuses linked to their company’s financial and stock performance. Only a small part of their pay comes from their base salary.

Structuring pay this way is intended to align the executives’ interests to that of the company and to encourage long-term strategies.

Because corporate earnings have grown consistently, with a near six-year expansion of the economy, executives have met or beaten their earnings targets generally.

Earnings-per-share for the average S&P 500 company rose 7.7 percent in 2014, according to data from S&P Capital IQ. Revenue-per-share climbed 4 percent.

“There should be a strong link between pay and performance. The markets were up in 2014 so it makes sense that (compensation) was going in the same direction,” said Bess Joffe, managing director of corporate governance at TIAA-CREF, an asset management company. “We would also expect, in a downturn, for the compensation numbers to fall.”

The gap between pay for CEOs and that of the average worker narrowed slightly last year, because average wages crept up more than CEO pay did.

A chief executive made about 205 times the average worker’s wage, compared with 257 times the year before, according to AP calculations using earnings statistics from The Labor Department. That gap was still much wider than six years before, during the recession, when executives earned 181 times the average worker’s pay.

The notion that every CEO is a visionary in the mold of Steve Jobs, who led Apple, or Bill Gates, who co-founded Microsoft, is challenged by some.

“There are superstar CEOs that definitely are the driving force of the company, but while they are out there, they are rare,” said Charles Elson, a corporate governance expert at the University of Delaware.

Elson says that boards should look at overall levels of pay within their own company, rather than benchmarking pay against CEOs working in the same industry. He also says companies are paying too much to retain their chief executives when there is little evidence they’ll move to competitors.

For the annual CEO pay study, Equilar assessed data from 338 companies that filed proxy statements with regulators between Jan. 1 and April 30, 2015. To calculate a CEO’s pay package, Equilar and the AP looked at salary, stock and option awards, perks and bonuses.

The study only includes chief executives who have been at the helm of their company for at least two years. Because of these criteria, there are some notable omissions from the list.

Among other findings:

— The industry with the biggest pay increase was basic materials, which includes oil, mining and chemical companies. Median pay at these companies rose by 15 percent last year. Exxon Mobil CEO Rex Tillerson was the highest paid, making $28.4 million last year.

— Female CEOs again had a median pay package worth more than their male counterparts. Last year, women chief executives earned $15.9 million compared with the median salary for male CEOs of $10.4 million. The number of female CEOs included in the study rose to 17 from 12 in the previous year. Yahoo CEO Marissa Mayer was the highest paid, earning $42.1 million, which placed her fifth among CEOs in the survey.

— Richard Hayne, the CEO and co-founder of Urban Outfitters, received the biggest pay bump. His compensation soared 682 percent to $535,636. Most of the increase came from his performance cash bonus, which jumped to $500,000 from $35,000 a year earlier. Hayne returned to lead the company in 2012 after an absence of five years.

___

Nakashima reported from Los Angeles.

Follow Steve Rothwell on Twitter @SteveRothwellAP

Follow Ryan Nakashima on Twitter @rnakashi

___

Online:

http://www.equilar.com/

Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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Black History

IN MEMORIAM: Marcia Ann Gillespie, Editor of Essence and Ms. Magazines, Dies at 82

Marcia Ann Gillespie, the trailblazing journalist who served as the first editor-in-chief of Essence magazine, has died at age 82. After joining the publication at its inception in 1970, Gillespie spent a decade elevating the beauty and voices of Black women during a pivotal era of self-love and cultural revolution. She later broke barriers as the first Black woman to lead Ms. magazine, further solidifying her status as a titan of the publishing industry. Her expansive career also included authorship and teaching, leaving a profound impact on American media. Read more.

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Marcia Ann Gillespie. Facebook photo.

Marcia Anna Gillespie, the first editor in chief of Essence magazine, has died. She was 82.

Born in Rockville Centre, New York, in 1944. The daughter of a church sexton/small business owner and domestic worker/caterer, Gillespie parlayed her degree in American studies from Illinois’s Lake Forest College into a research job at Time-Life Books, Inc. in New York.

There she advocated for fairness and inclusion of Black life in its publications. When the owners of the standard bearer of Black life, Ebony magazine, ventured into creating a special publication for young, Black women, Gillespie was hired as managing editor in 1970, and became editor-in-chief a year later at the young age of 26.

At the time, the venture by the Johnson family – the owners of Ebony magazine and Jet – into creating a publication for young Black women met the growing revolution of self-love in the Black community.

In other words, the battle cry of the late 1960s, “Black is Beautiful,” had a place to be seen and not just heard.

Thousands of young women who had already abandoned straightening combs and European aesthetics learned more ways to wear their natural hair from Afros to cornrows. Young Black designers got a place in the spotlight not just in clothing but jewelry that expressed neo-African ideals. But one of the most important impacts was the magazine’s unapologetic elevation of the beauty of the dark-skinned Black female to the status she deserved.

Under Gillepie’s tenure, Essence championed storytelling that celebrated Black women’s identities, experiences, and contributions at a time when their voices were often overlooked in mainstream media,” Essence wrote in a statement posted to Instagram

For 10 years she steered the fledgling publication before joining Ms. Magazine as a contributor in 1980 later becoming the first Black woman to edit a mainstream American magazine when she took charge in 1992.

In 1998, she helped secure the publication’s future through a women-led ownership group. She stayed at Ms. In various capacities until 2001, during which time the magazine had the most diverse readership in its history.

She also mentored future Essence editor Susan L. Taylor and taught young journalists at SUNY Old Westbury.

Emmy-winning actor Sheryl Lee Ralph took to social media to honor Gillespie’s life. 

“Rest in peace, dear Marcia Gillespie,” she wrote on Threads. “Your voice, your brilliance, and your commitment to lifting up Black women leaves a legacy that will continue to inspire me and so many others.”

A professor at SUNY Old Westbury and Bennett College, she also co-authored the authorized biography “Maya Angelou: A Glorious Celebration” in 2008.

According to Wikipedia, she also served on various boards as a director or advisor, including: “…the Arthur Ashe Institute of Urban Health, the Black & Jewish Women of New York, the Violence Policy Center in Washington, D.C., Aspen Institute, …and the Studio Museum of Harlem. Gillespie is a member of the National Council of Negro Women and the American Association of Magazine Editors.”

She was the recipient of several awards, including: the Lake Forest College Outstanding Alumni Award (1973), the New York Women in Communications Matrix Award (1978); a Lifetime Achievement Award from the New York Association of Black Journalists for print journalism (1982); a ‘Top Ten Outstanding Women in Magazine Publishing’ recognition by the March of Dimes.

In later years she was inducted into the American Society of Magazine Editors’ Hall of Fame (2002); the NAACP President’s Award (2006) and the Barbara Graves Legacy Award at the Black Enterprise Women of Power Summit in 2017.

The conclusion for her online obituary reads: “She leaves behind a legacy written not just in the pages she edited, but in every editor, journalist, and reader who found themselves — finally — in the stories she chose to tell.”

Online sources for this report include “The History Makers,” The Washington Informer, Wikipedia, Essence magazine, Ms. Magazine and her obituary.

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Business

Oakland Latino Chamber of Commerce Hosts Statewide Convention, Generating $3 Million in Economic Impact

The Oakland Latino Chamber of Commerce recently hosted the 47th Annual California Hispanic Chambers of Commerce Statewide Convention, drawing more than 1,000 attendees to the city. The event generated an estimated $3 million economic impact, benefiting local retailers, hotels, and small businesses throughout the region. Organized in partnership with Visit Oakland, the convention featured a marketplace for local entrepreneurs and focused on advancing economic prosperity for Latino-owned businesses. Several innovative features were introduced during the summit to provide lasting resources for the state’s business community, read more.

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Cutting the ribbon at the California Chamber of Commerce (CHCC) last month were CHCC Northern Region Director Mayra Perez, Aliza Gallo, Oakland Latino Chamber President CHCC Foundation Chairman David Betancourt, CHCC Madam Chair Veronica Corona, CHCC President & CEO Julian Canete and CHCC Northern Region Chair Leo Callejas. Courtesy photo.

The Oakland Latino Chamber of Commerce (OLCC) recently served as the Host Chamber for the 47th Annual California Hispanic Chambers of Commerce (CHCC) Statewide Convention, held in Oakland in August 2026.

The Convention welcomed more than 1,000 attendees from throughout California and generated an estimated $3 million economic impact for the City of Oakland, providing significant support to local hotels, restaurants, transportation providers, retailers, and small businesses.

In conjunction with Visit Oakland, OLCC brought in various local sponsors and worked closely with the California Hispanic Chamber of Commerce, to make the Oakland Convention a success.

The success of the 47th Annual CHCC Statewide Convention demonstrates what is possible when business leaders, entrepreneurs, community organizations, and public partners work together with a shared vision, said Aliza Gallo, president of the OLCC.

“By welcoming more than 1,000 attendees and generating an estimated $3 million economic impact, we not only showcased Oakland as a premier destination for business and innovation but also created lasting opportunities for local businesses and entrepreneurs,” said Gallo, who also served as co-host of the event.

She adds that the “convention elevated Oakland’s visibility, strengthened statewide and local partnerships, and reinforced the Oakland Latino Chamber of Commerce’s commitment to advancing economic prosperity for our members and our community.”

As part of its leadership role, OLCC introduced two innovative features designed to extend the convention’s impact beyond the event itself. Conference workshops were recorded and made available for continued learning and professional development.

These recordings will be shared with OLCC members and made available for broader public access, expanding educational opportunities for businesses and entrepreneurs throughout California. The workshop content will also be distributed to the 85 Latino Chambers and Affiliate Members within the CHCC network, which collectively is 135 member organizations statewide.

In addition, OLCC created and managed the Oakland Mercadito, a vibrant marketplace showcasing local Latino and Latina entrepreneurs. The Mercadito provided small business owners with an opportunity to market their products and services, connect with new customers, and gain exposure to business and community leaders from across the state.

The initiative highlighted Oakland’s entrepreneurial talent and demonstrated OLCC’s commitment to supporting small business growth and economic opportunity.

“Oakland is one of the most diverse cities in the United States” commented Peter Gamez, president & CEO of Visit Oakland. “Our city’s celebration of culture makes everyone feel they belong here and allows for truly authentic experiences.

“Our diversity is a powerful draw for groups and individual visitors. We are extremely proud of this and continue to cultivate and grow this message as we welcome conferences and conventions to The Town,” Gamez said. 

For more information, see the Visit Oakland video about the CHCC Convention In Oakland: https://lnkd.in/p/eRpe2sYD 

The Oakland Latino Chamber of Commerce is the source of this story.

About The Oakland Latino Chamber of Commerce

Oakland Latino Chamber of Commerce (OLCC) www.oaklandlatinochamber.com is dedicated to advancing economic opportunity, strengthening business capacity, and elevating the visibility of Latino-owned businesses throughout Oakland and the East Bay. Through advocacy, partnerships, technical assistance, and community engagement, OLCC works to ensure that Latino entrepreneurs have the resources and support necessary to thrive. 

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Black History

Five Hospitals Said No! Who Will Help Annette Henry Recover?

Annette Henry, a 67-year-old Oakland woman, is struggling to access essential medical care after a devastating stroke left her with a rare neuropathic pain syndrome. Despite medical documentation confirming her need for inpatient rehabilitation, five different Bay Area hospitals have denied her admission, often citing her inability to meet rigid therapy thresholds. Her family’s efforts to seek intervention from state and federal lawmakers have yielded no results, leaving Henry at home without a clear path to recovery. To see how these systemic failures are impacting her health, read more.

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Annette Henry. Photo by Mario Decuir.

A tangle of red tape and contradictions between health providers and Medicare rules have impeded an Oakland woman’s ability to recover from a stroke she had last year.

Her family – who are her caretakers – have reached out to various professionals and state and federal lawmakers for help to no avail.

At 67, Annette Henry needs inpatient stroke rehabilitation after a devastating stroke in May 2025. Since then, multiple Bay Area hospitals have denied it. She was accepted into a rehabilitation facility in June 2025 but discharged prematurely in July, in essentially the same condition.

Three hospitals where she was a patient pushed skilled nursing over inpatient rehabilitation. Two more declined referrals.

Now at home, Henry is caught in a system that measures her need for treatment against the limitations treatment should address.

Medical professionals have documented her need for a higher level of care.

In August 2025, a Medicare Quality Improvement Organization (QIO) overturned Henry’s discharge from an inpatient rehabilitation facility (IRF).

The QIO’s independent physician reviewer found she had not received the “intensive therapy program outlined on admission,” according to the Aug. 30, 2025, determination letter. Yet the decision did not secure her readmission or guarantee continued rehabilitation.

Henry has central post-stroke pain, a rare neuropathic pain syndrome that can make movement and touch intensely painful. Her pain specialist recommended inpatient rehabilitation alongside pain management.

Nevertheless, facilities have cited her inability to tolerate three hours of daily therapy as a reason to deny inpatient rehabilitation.

That practice raises questions about Medicare coverage policy. In Hooper v. Sullivan, No. H-80-99 (D. Conn. 1989), the court recorded the parties’ agreement that denials based on numerical utilization screens, diagnostic screens, treatment norms, the “three-hour rule,” or other “rules of thumb” were not appropriate.

CMS subsequently cited Hooper in its Aug. 7, 2009, final rule (74 Fed. Reg. 39762, 39794). The policy is also addressed in the Medicare Benefit Policy Manual, Chapter 1, Section 110, and CMS’s June 1 Review Choice Demonstration for IRF Services: Operational Guide.

These authorities underscore the need for individualized assessments rather than rigid numerical thresholds.

The central contradiction is stark: the pain and disability that make rehabilitation necessary have been cited as reasons to deny it. UCSF Stanyan’s April 7 discharge summary for Henry states that acute rehabilitation unit (ARU) placement was declined for “inability to tolerate three hours of therapy daily.” Without appropriate treatment, Henry risks further decline.

Her records document complications associated with prolonged immobility.

Orthopedics documented flexion contractures of the small and ring fingers on March 19.

Chest imaging on April 1 showed bibasilar dependent atelectasis, a condition involving reduced inflation of the lower portions of both lungs. These concerns can be examined through her medical records and photographs.

“What does a ‘not reasonable’ discharge look like?” her family asks. For them, it looks like an appeal decision recognizing a problem without ensuring a remedy: repeated referrals, denials and a patient still without the rehabilitation her treating professionals have recommended.

The family has sought help from the California Department of Public Health and the federal Office for Civil Rights to no avail. They contacted U.S. Rep. Lateefah Simon in June 2025, while Henry was in rehabilitation; Senator Alex Padilla in May 2026; and Senator Adam Schiff in September 2026.

DeCuir says the family received no meaningful assistance and was redirected to the QIO or advised working with a social worker after Henry had already been discharged.

The consequences extend beyond rehabilitation. The family reports that Henry has struggled to attend in-person specialist or any appointments and needs in-person evaluation and treatment for complications, recommended evaluations, health screenings and preventive care.

Her mobility limitations have become barriers to broader medical care.  Every office tells her their office is not set up to accommodate her.  This has happened with specialty care, out-patient services, screenings and physical therapy.

Henry is a Black woman on Medicare, and her family believes her experience raises concerns about unequal access to intensive rehabilitation. Research has documented disparities in discharge to inpatient rehabilitation rather than skilled nursing, underscoring the importance of individualized review.

CMS, state regulators and healthcare providers should examine Henry’s records, assess her needs on their clinical merits and explain how the applicable coverage standards were applied, and whether they are being enforced.

Rehabilitation is not a reward for patients who can already tolerate treatment. It is care intended to help people recover function. Henry’s case asks whether a system designed to support recovery can leave a patient without a path to it.

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