NEW YORK, May 22, 2017 /PRNewswire/ -- CBS Corporation (NYSE: CBS and CBS.A) announced today a new agreement with Chairman, President and Chief Executive Officer Leslie Moonves that covers a two year extension to his current term with CBS Corporation, through June 30, 2021.
Under the terms of the agreement, Moonves' salary remains at its current level. As before, he will continue to be eligible for an annual bonus and will receive long-term, performance-based incentives that further tie the value of the agreement to the success of the Company and its stock. The agreement provides for Moonves to become a senior advisor to the Company for an additional five years, and will include an option to establish a production company under CBS' auspices.
Moonves came to CBS in 1995 as President of Entertainment. He was promoted to President and CEO of CBS Television in 1998, became its Chairman in 2003, and was later named Co-President and Co-Chief Operating Officer of Viacom and Chairman of CBS in 2004. In 2006, Moonves was named President and CEO of the newly formed CBS Corporation when it became a stand-alone, publicly traded company. In 2016, he was named Chairman as well.
About CBS Corporation:
CBS Corporation (NYSE: CBS.A and CBS) is a mass media company that creates and distributes industry-leading content across a variety of platforms to audiences around the world. The Company has businesses with origins that date back to the dawn of the broadcasting age as well as new ventures that operate on the leading edge of media. CBS owns the most-watched television network in the U.S. and one of the world's largest libraries of entertainment content, making its brand — "the Eye" — one of the most recognized in business. The Company's operations span virtually every field of media and entertainment, including cable, publishing, radio, local TV, film, and interactive and socially responsible media. CBS's businesses include CBS Television Network, The CW (a joint venture between CBS Corporation and Warner Bros. Entertainment), CBS Television Studios, CBS Studios International, CBS Television Distribution, CBS Consumer Products, CBS Home Entertainment, CBS Interactive, CBS Films, Showtime Networks, CBS Sports Network, Pop (a joint venture between CBS Corporation and Lionsgate), Smithsonian Networks, Simon & Schuster, CBS Television Stations, CBS Radio and CBS EcoMedia. For more information, go to www.cbscorporation.com.
SOURCE CBS Corporation