NBCUniversal owner Comcast has disclosed the 2024 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, showed that Roberts’ pay was $33.9 million in 2024, compared with $35.5 million in 2023. He had made $32.1 million in 2022, $34.0 million in 2021, $32.7 million in 2020, and $36.4 million in 2019.
Cavanagh’s compensation package was worth $28.3 million last year, compared with $29.6 million in 2023. He had made $40.5 million in 2022 when he served as chief financial officer until being promoted to president in October 2022.
Comcast’s stock dropped 14 percent in 2024. The company’s revenue, earnings, and adjusted net income rose for the year, while its free cash flow declined 3 percent.
The company reported Q1 earnings earlier this week, with Peacock still losing money (albeit narrowing is losses) and adding subscribers. However, steeper declines than expected in broadband led to a stock decline on the street.
Late last year, Comcast unveiled the spinoff of most of its cable networks into a separate entity, led by Mark Lazarus as CEO, promising “a new growth trajectory” for the combined assets. The company to be spun off, currently named SpinCo with its name still TBD, will also be led by David Novak who was recently named chairman.
The spin-off will leave Comcast focused on what it has been touting as its six growth businesses, namely streaming service Peacock, studios, theme parks, residential broadband, mobile, and business services. “These businesses, the six, have healthy margins, healthy growth, that are creative, and that’s the future of our company,” Roberts recently told an investor conference. “So I feel very good about the core of the business and the growing core.”
Bank of America analyst Jessica Reif-Ehrlich has expressed optimism about the separationmove. “SpinCo could be used as a consolidation vehicle for cable networks across the industry,” she wrote in a report after the news. “This move by Comcast may also reduce regulatory concerns about another attempted potential merger with a large cable peer.”
Comcast is also set to open a new theme park in Orlando, Epic Universe, next month.
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