Viacom said it extended the employment contract of CEO Philippe Dauman through Dec. 31, 2018.
Dauman, one of the highest-paid execs in the entertainment business, has been CEO since 2006. His current contract was due to expire at the end of 2016.
"Philippe has been my long-term partner in building Viacom into the global entertainment powerhouse that it is today," said Sumner Redstone, the 91-year-old who controls Viacom. "He has been an extraordinary CEO over more than eight years and his strategic vision and creative leadership have delivered consistently outstanding operational and financial results. I am delighted that Philippe has agreed to lead Viacom well into the future."
Under the new agreement, Dauman's base salary will remain unchanged. He will continue to be eligible for performance based compensation and equity awards, the company said.
For 2013, Dauman received total compensation of $37.2 million.
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.
The smarter way to stay on top of broadcasting and cable industry. Sign up below.
Thank you for signing up to Broadcasting & Cable. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.