Netflix CEO Reed Hastings made $US23.2 million in total compensation for 2016, up almost 40%, according to an SEC filing Monday. That’s also an increase over his total compensation in 2015, which was $US16.6 million.
Hastings’ 2016 base salary was $US900,000, while his stock options added up to $US22.3 million. But this is a drop in the bucket next to Hastings’ net worth, estimated at $US1.7 billion by Forbes.
Ted Sarandos, Netflix’s head of content, made $US18.9 million, including a $US4 million bonus. Sarandos’ estimated 2017 target bonus is $US9 million.
Netflix’s chief of product, Neil Hunt, has an estimated $US5.2 million target bonus for 2017, though he is leaving the company in July after almost two decades. His total compensation for 2016 was $US8.8 million.
On Monday Netflix also announced that it was taking on another ~$US1.08 billion in debt ($US1 billion euros). This is par for the course for Netflix, which raised a similar $US1 billion in debt in October, primarily to fund its ongoing push into original shows.
Netflix’s negative free cash flow will be $US2 billion in 2017, and will “accompany our rapid growth for many years,” as the company moves further into the production of original shows and movies. Netflix will spend $US6 billion on content in 2017.