CBS Signs CEO Moonves to New Contract Running Through 2021

Leslie Moonves. Photographer: David Paul Morris/Bloomberg

CBS Corp., owner of the most-watched television network, signed Chairman and Chief Executive Officer Leslie Moonves to a new multiyear contract running through 2021.

Under the terms, Moonves, 67, will continue to receive his $3.5 million annual salary, as well as long-term performance-based incentives, New York-based CBS said Monday in a statement. Once his contract expires, Moonves can become a senior adviser to CBS for five years, with an option to create a production company through the network.

Moonves is among the highest-paid executives in the U.S., with compensation that totaled $69.6 million in 2016. The company makes the bulk of its money from its flagship broadcast network, the premium cable network Showtime and ownership of local TV stations.

CBS shares rose 35 percent last year. They were little changed at $61.73 in New York.

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