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.
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Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.