Leslie Moonves, president and CEO of CBS
Corporation, has signed a new deal that will keep at the company through
2015, Sumner Redstone, executive chairman of CBS Corporation, announced
Wednesday (Feb. 24).
The new deal supersedes Moonves' previous contract,
which was to conclude in 2011. It also keeps him at his current salary,
which
is valued at $13 million in base pay and bonus, according to the
company's 2008 SEC filing.
"This is, above all, great news for every shareholder of CBS,"
Redstone said in a statement. "Leslie is a superb executive who has
led CBS to a position of unparalleled leadership in the industry. This
agreement not only secures the future of the company for many years to
come, it
also further aligns and strengthens the interests of the chief executive
with
those of our shareholders. I look forward to working with Leslie as we
capitalize on all of the opportunities that lie ahead."
For the fourth quarter, CBS' television unit
reported a 4% increase in revenue to $1.82 billion.
CBS Corp. reported revenue of $3.5 billion, down 1%
from a year ago, and adjusted net earnings of $171.1 million, or 25
cents a
share, up 19 percent from the $139.3 million reported in last year's
fourth
quarter.
