Austereo Group Chief Executive, Michael Anderson, has negotiated a new four year contract, providing a base salary of almost $1 million.

From Friday, Anderson – who runs the Triple M and Today networks – will be on a minimum $950 000 a year, plus annual bonuses of up to $400 000.

This will jump to $1 million from July 2008, while a $200 000 bonus is payable if Anderson meets Board approved targets for earnings before interest and tax. If those targets are exceeded, Austereo will pay him an extra $200 000.

According to Jane Schulze in The Australian, the base salary is three times higher than rival executives, who are in charge of much bigger revenues.

Australian Radio Network (ARN) Chief Executive, Bob Longwell – who controls the Mix and Classic Hits networks – reportedly earned a base salary of $295 000 last year in a total package of $504 000.

But Southern Cross CEO Tony Bell earns more than a million in his package according to the Southern Cross annual report.

Anderson looks like he will work hard for every dollar, after the results of Survey #4 in which Nova stations became the top rating network in the under 40s audience, previously dominated by Austereo.

Austereo Chairman, Peter Harvie, says “the company is delighted that
Michael Anderson has extended his term as Chief Executive Officer as he
brings unique skills to the challenge”.