• by David Goetzl , April 15, 2010

Philippe Dauman, who led Viacom to a 29% increase in net earnings last year, has been awarded with a five-year contract extension.

The CEO's new deal runs through 2016, which would mark his 16th in that position.

Viacom's stock is trading at $39.65 a share, near a 52-week high. Dauman has been a member of the Viacom board since 1987. Net earnings were $1.6 billion in 2009 for the company, with the nearly 30% jump. Global revenues fell 7% to $13.6 billion.

At the MTV Networks division, Dauman has identified resuscitating MTV, which has had some ratings doldrums, as a top priority and the hit "Jersey Shore" has helped.

Dauman's previous contract was to expire this December. Viacom said the executive has increased "operating free cash flow, expanded its operating margins and restructured and strengthened its debt profile."

The company said the majority of Dauman's compensation will continue "in the form of performance-based awards, which are subject to the achievement of a combination of specific operational and financial targets and shareholder returns."

Viacom executive chairman Sumner Redstone said in a statement that Dauman "has revived our creative spirit and our focus on innovative and distinctive content."