Board compensations in the media industry: Global elite networks and financialization

Abstract

Over the last two decades media industry boards have contained some of the most well-paid positions in the world. In terms of board compensation, top media companies with the highest paid boards compare with industrial and financial conglomerates that are several times their market size. These high earnings are aligned mainly with stock performance, as opposed to salaries. However, this article argues that high earnings are not aligned with the real economy and are ethically dubious in the context of a democracy. High compensations have evolved in parallel with a process of financialization that lies at the core of the economy and pervades all productive sectors. This article examines how corporate media executives have become part of the global elite and provides up-to-date data on board remuneration in the American and European media industries.