Moonves Extends CBS Deal Through June ’17

CBS Corp. on Monday announced a new agreement with President and Chief Executive Officer Leslie Moonves, extending his term through June 30, 2017. His old deal concluded in 2015.

Under the terms of the new agreement, Moonves’ salary remains at its current level. As before, he will continue to be eligible for an annual performance-based bonus and will receive equity-based compensation that further ties the value of the agreement to the performance of the company’s stock.

At the end of his new term, Moonves will become eligible, at his discretion, to hold the position of an executive adviser to the company for an additional four years. In addition, during that term, Moonves has the option to establish a production company under CBS’s auspices.

“This is terrific news for CBS and all of its constituencies,” said Sumner Redstone, executive chairman of CBS Corp. “Leslie’s record as a CEO is not only among the best in media, it’s among the best in all of business. This agreement secures the company even further into the future, and it also further aligns and strengthens the interests of the chief executive with those of our shareholders.”

“I take great pride in all the tremendous success we’ve enjoyed at CBS,” said Moonves.

Moonves came to CBS in 1995 as president of entertainment. He was promoted to president and CEO of CBS Television in 1998, became its chairman in 2003, and was later named co-president and co-chief operating officer of Viacom and chairman of CBS in 2004. In 2006, when Viacom split its businesses into two publicly traded companies, Moonves was named president and CEO of the newly formed CBS Corp.