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.
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