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California (pte029/15.07.2005/13:05) - Arnold Schwarzenegger, governor of California and former Mr Universe and film star, is cashing in on his previous experience on the world bodybuilding circuit with a consulting contract that is worth about US$1m (just under 1m euros) annually.
Schwarzenegger signed a contract with a health and bodybuilding magazine publisher in November 2003, two days before being sworn in as governor.
Referred to as 'Mr S' in the dual magazine agreement, the governor will receive one per cent of the advertising income annually.
The contract stipulates: 'In no event will payment be less than $1m a year'. Schwarzenegger is expected to 'further the business interests' of the publisher by 'performing services suggested by Mr S' and 'being responsive to the reasonable requests' of the publisher. Mr Schwarzenegger also writes a monthly column for one of the magazines, Muscle & Fitness http://www.muscleandfitness.com/.
In the arrangement with Weider Magazines, Schwarzenegger will receive $2.15m (about 1.7m euros) a year from Weider in 2006-08, and $1.7m in 2009, a total of $8.15m (6.7m euros) for four years of the five-year contract.
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