Netflix CEO Reed Hastings' Annual Pay Could Jump to $29.4 Million

Netflix CEO Reed Hastings in reaping the benefits of the streaming platform's success with a huge pay raise in 2018.

Netflix's regulatory filing on Thursday showed that the 57-year-old Hastings could earn up to $29.4 million in 2018. That's up from $22 million in 2017, reports The Hollywood Reporter.

Although his base salary is down to $700,000 from $850,000, Hastings has a stock option allowance of $28.7 million. THR reports that Hastings usually takes base salary cuts while his stock options rise.

Forbes estimates that Hastings has a net worth of $2.2 billion. He founded the company with Marc Randolph in 1997. The company began producing original content in 2013, starting with House of Cards.

Ted Sarandos, Netflix's content chief, is also getting a salary bump. He will take home a $12 million salary in 2018, up from $1 million in 2017. His stock option allowance is worth $14.2 million. Thursday's filing didn't list his bonus for 2018, but he was eligible for a $9 million bonus in 2017.

Chief Financial Officer David Wells will take home $5.25 million, while general council David Hyman is set to make $5.8 million.

Netflix now has 109 million subscribers worldwide. Of those, 11 million watched their $90 million movie Bright, according to Nielsen. The film, which stars Will Smith and was directed by Suicide Squad's David Ayer, received overwhelmingly negative reviews. However, Netflix still plans on making a sequel.


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