CBS Amends Moonves Accord With Future Production Deal Terms

CBS Corp. (CBS), the most-watched TV network, entered into a supplemental agreement with Chief Executive Officer Leslie Moonves, offering him incentives to become a producer after his contract expires in February 2015.

CBS would invest as much as $3 million a year to establish staffing and infrastructure for projects that Moonves, 62, may develop, according to a regulatory filing today.

The New York-based company is also willing to pay Moonves $1.5 million for his services as a producer, with that sum reduced by any producing fees the executive receives for shows that get ordered, according to the filing.

CBS fell 2.5 percent to $33.22 at the close in New York today. The stock has gained 22 percent this year.

To contact the reporter on this story: Rob Golum in Los Angeles at rgolum@bloomberg.net

To contact the editor responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net

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