Doug Morris, the 76-year-old CEO and chairman of Sony Music Entertainment, has signed a whopping two-year deal worth up to $20 million annually, sources exclusively tell Page Six.
“Doug has a two-year deal . . . between $17 and $20 million a year,” said an industry insider. “It’s a mix of base salary plus a share of the profits. But $17 million will be guaranteed.”
Meanwhile, we hear that Martin Bandier, the 73-year-old CEO of publishing arm Sony/ATV, could be signing a contract extension worth up to $7 million a year.
A Sony rep said the company doesn’t comment on exec contracts, but did go on the record regarding the astronomical salary figures: “Those numbers are completely untrue and false.”
At Universal, Morris reportedly already had a deal to stay through 2013 for $10 million annually before he jumped to Sony in 2011.
The move to keep Morris also holds off any heir apparent for now after those reportedly in the running for his job included ex-Sony boss Sir Howard Stringer’s brother, Columbia Records chairman Rob Stringer (who, a source said, is internally called “Fredo,” in reference to the less powerful Corleone brother in “The Godfather”).
“Doug’s in his late 70s, Marty’s in his mid-70s,” said a source. “Between them, they have inched out everybody underneath them who could run Sony after they leave.”
But a source said of Morris and Bandier’s deals: “This really is ‘The Last of the Mohicans’ in a way . . . it’s a young person’s business. [But Sony] is struggling to fix the electronics business, their movie business was hit by [the hacking] scandal, they feel like they can’t make a change right now on the music side.” Another source insisted Morris’ deal is not done.
Sony acts include Bruce Springsteen, Barbra Streisand, Beyoncé, Miley Cyrus and Adele. Morris has been in top positions at all three music giants, including Universal and Warner Music. He’s been called the “godfather of the music industry,” hailed by Bono and name-dropped in Jay Z lyrics. He’ll make a keynote address at Cannes music fest Midem in early June.