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CBS Extends Deal With Moonves for Two More Years

CBS Corp. said it signed a new employment agreement with chairman and CEO Les Moonves that includes a two-year extension that will keep him in his current post through June 2021.

Moonves’ salary will remain at its current level, and he is eligible for bonuses and long-term performance-based incentives.

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The agreement also provides for Moonves to become a senior advisor to the company for an additional five years. He also has an option to establish a production company under the CBS umbrella.

Moonves joined CBS from Warner Bros. in 1995 as president of entertainment. He was promoted to president and CEO of CBS Television in 1998. He became co-president and co-chief operating officer of Viacom in 2004 after Viacom acquired CBS. When CBS became a stand-alone company in 2006, he was named president and CEO. He became chairman in 2016.