In last
Saturday’s Weekend Australian Financial Review, James Packer said:

“I’d hate to be [Ten
executive chairman] Nick Falloon, I’d be going to bed in a cold sweat each night.
Not because of something he has done or not done. In fact he is a world
class television executive. But to have 100 per cent of your business in
free to air TV, in one platform, in a platform which has enormous
challenges. We don’t have that problem.”

But as the Network Ten annual report (released late yesterday following the Melbourne Cup) reveals, Falloon doesn’t have too many financial worries of his own.

He was paid a total of
$2.467 million in salary and benefits. The basic payment was $1.564 million and
there was a cash bonus of $772,500. And, according to the terms of Falloon’s new contract, there’s a further $1 million
“incentive payment” to be paid for the year to 31 August 2005. So all up $3.4
million for the 2005 year: that’s enough to keep even nightmares of James Packer

The report also discloses that former Ten
head of TV, John McAlpine received a total payment of
$4.1 million, consisting of $895,925 in basic salary, a bonus of $861,000 and a
retirement benefit of $2.373 million.

His replacement, Grant Blackley was paid a total of $911,507 under his old
contract. But under his new contract his basic salary
rises from $541,271 to $800,000 with a sign on bonus of $150,000 and a short term
bonus of $140,000 for the 2005 year.