Last week, Leslie Moonves became $22 million richer.
The CEO of CBS (CBS) sold 450,000 of the broadcast giant’s shares on July 1 and July 2. CBS said that the stock sales had been previously scheduled and were made for “estate planning purposes,” the Los Angeles Times notes.
Moonves’ share sales come as CBS stock trades near record highs. The company’s shares have risen 27% since the beginning of the year.
As CEO, Moonves received total compensation of $62 million last year. He sold shares last week for $48.45 and $49.63 a share.
In May, Moonves told an audience at an investment conference that CBS could switch to a subscription-only model in “a few days” if the courts ruled in favor of streaming media startup Aereo, which is transmitting broadcast programming to subscribers without paying retransmission fees. CBS has joined other broadcasters — including Disney‘s (DIS) ABC, Comcast‘s (CMCSA) NBC and News Corp.‘s (NWSA) Fox — in suing Aereo for infringing on their programming.
Shares of CBS rose almost 1% on Monday morning, trading above $50 a share.