Moonves Re-Ups With CBS Through 2015
CBS Corp. said it has signed a new deal that will keep Leslie Moonves as company chief until 2015. The agreement replaces a current arrangement set to expire next year.
Moonves' salary remains the same, though he will be eligible for an annual bonus and receive stock options and other incentives. The contract also includes incentives to keep the president-CEO involved with the company after his deal expires Feb. 15, 2015.
Contract details will be available when the company files its annual report.
Under Moonves' leadership, CBS joined with Warner Bros. to form the CW network; acquired CNET Networks in 2008; and has seen performance at CBS in prime time remain strong. Last year, revenues were down 7% to $13 billion as the economy turned sour. A renegotiation of CBS' deal to continue carrying the NCAA basketball tournament appears to be Moonves' next principal challenge.
Referring to the incentives built into Moonves' new deal, Sumner Redstone, executive chairman at CBS, stated the agreement "further aligns and strengthens the interests of the chief executive with those of our shareholders."