Viacom said it extended the employment contract of CEO Philippe Dauman through Dec. 31, 2018.
Dauman, one of the highest-paid execs in the entertainment business, has been CEO since 2006. His current contract was due to expire at the end of 2016.
"Philippe has been my long-term partner in building Viacom into the global entertainment powerhouse that it is today," said Sumner Redstone, the 91-year-old who controls Viacom. "He has been an extraordinary CEO over more than eight years and his strategic vision and creative leadership have delivered consistently outstanding operational and financial results. I am delighted that Philippe has agreed to lead Viacom well into the future."
Under the new agreement, Dauman's base salary will remain unchanged. He will continue to be eligible for performance based compensation and equity awards, the company said.
For 2013, Dauman received total compensation of $37.2 million.