Schwarzenegger making millions as muscle mag editor

Discussion in 'Current Events' started by -Cp, Jul 14, 2005.

  1. -Cp
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  3. GotZoom
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    Technically he is a "consultant" with no set salary. He gets 1 percent of the advertising revenue (not to drop below 1 million dollars a year).

    SACRAMENTO — Two days before he was sworn into office, Gov. Arnold Schwarzenegger accepted a consulting job paying an estimated $8 million over five years to "further the business objectives" of a national publisher of health and bodybuilding magazines.

    The contract pays Schwarzenegger 1% of the magazines' advertising revenue, much of which comes from makers of nutritional supplements.

    The agreement estimates that the governor's company will receive $2.15 million in fiscal year 2006; the same amounts in '07 and '08; and $1.7 million in '09. Those sums exceed the salary of the chairman and CEO of American Media, David J. Pecker, whose base pay this year is listed at $1.5 million.

    American Media has also agreed to contribute $1.5 million over six years to one of the governor's tax-exempt groups: a physical fitness council launched this summer at Disney's California Adventure theme park. The chairman of the council is Austin M. Beutner, a director of American Media.

    As a consultant, Schwarzenegger's role includes "advising on the direction of the" magazines and "otherwise helping in various ways to further the business objectives of the Weider business," the contract shows.

    Entire article: http://msnbc.msn.com/id/8569218/

    And to echo my esteemed collegues...So What?
     

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