Netflix Inc. ( NFLX - Get Report) said a number of its top executives will be getting pay raises next year and the streaming service cited the new U.S. tax law for the changes.



Netflix's chief content officer,  Ted Sarandos, will earn a $12 million base salary in 2018, after making just $1 million in each of the past three years, The Wall Street Journal reported, citing a filing with the Securities and Exchange Commission.


CEO Reed Hastings will earn $700,000 in salary in 2018, with $28.7 million in annual stock options, continuing a pattern of decreasing annual salaries and increasing stock awards, the Journal noted. In 2017, Hastings had a salary of $850,000 and a stock allocation of $21.2 million.

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