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
"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.