Report: $17m deal for Sony Music CEO Doug Morris

Doug Morris, CEO and Chairman of Sony Music Entertainment, has signed a two-year deal worth US$17 million, according to the New York Post.

The deal could north up to $20 million for the 76-year-old.

An industry insider told the Post’s Page Six column, “Doug has a two-year deal [. . .] between $17 and $20 million a year. It’s a mix of base salary plus a share of the profits. But $17 million will be guaranteed.”

A Sony rep said the company doesn’t comment on exec contracts, but added, “Those numbers are completely untrue and false.”

When he was at Universal Music, Morris was reportedly raking in $10 million a year. He has also been head of Warner Music.

But the report of the $17 million bonanza comes at a time when a leaked contract with Spotify revealed that tens of millions of dollars in advances never made it to Sony artists. The company has insisted that these advances are shared with artists.

At the same time, Martin Bandier, the 73-year-old CEO of publishing arm Sony/ATV is apparently poised to extend his contract worth up to $7 million a year.

Last year’s figures showed that Sony Music Entertainment was the second largest record company with a 22.5% share. Universal Music Group was market leader at 34.1%. Third was Warner Music Group at 16.7%. Independents collectively took 26.7%.

Sony/ATV was globally the biggest publisher, with a 29.5% divvy of the $4.05 billion made by the sector, according to the Music & Copyright report. Universal Music Publishing Group was at 23%. Independents collectively had 35%.