Activision Blizzard CEO Bobby Kotick has received a new contract with the gaming giant, and as part of it, his salary and bonuses are being cut in half. Kotick's new deal with Activision Blizzard was due to end on December 31 this year, but it's now been extended to March 31, 2023 with some new terms.

Under his new deal announced in a regulatory filing this week, Kotick's salary as Activision Blizzard CEO is being cut in half. This follows on from a reduction in base salary in 2020 by 15%. Additionally, Kotick's target annual bonus is being slashed by 50%, which represents a potential reduction of $1.75 million, the company said.

Kotick still stands to make a lot of money as Activision Blizzard's CEO, as his new deal makes him eligible for an annual bonuses in 2021 and 2022 for up to 200% of his base salary.