CBS extends CEO Moonves' contract another 2 years - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

CBS extends CEO Moonves' contract another 2 years

Posted: Updated:
FILE - In this July 29, 2013 file photo, Les Moonves arrives at the CBS, CW and Showtime TCA party at The Beverly Hilton in Beverly Hills, Calif. (AP) FILE - In this July 29, 2013 file photo, Les Moonves arrives at the CBS, CW and Showtime TCA party at The Beverly Hilton in Beverly Hills, Calif. (AP)

NEW YORK (AP) — CBS is extending the contract of President and CEO Leslie Moonves for another two years, through June 2019.

The media company said Thursday that Moonves' annual salary will remain at its current level, and he will be eligible for annual performance bonuses and stock-based compensation.

Moonves was paid a salary of $3.5 million in 2013, according to a corporate filing with the Securities and Exchange Commission.

But a bonus and stock awards pushed the value of Moonves' total compensation to $65.6 million that year, according to calculations by The Associated Press and Equilar. That made him the second-highest-paid CEO of 2013.

The new deal still calls for him to be an adviser to CBS for five years when his contract expires, and he will have an option to start a production company under the CBS banner.

Moonves, 65, became president and CEO of CBS Television in 1998. He has been president and CEO of CBS Corp. since the company was split off from Viacom Inc. in 2006.

Shares of New York-based CBS reached an all-time high of $68.10 in March, but they are down 18 percent in 2014. The stock rose 90 cents to $52.49 Thursday.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • Entertainment NewsEntertainment NewsMore>>

  • Dolce&Gabbana accused of insulting China; blames hackers

    Dolce&Gabbana accused of insulting China; blames hackers

    Wednesday, November 21 2018 7:32 AM EST2018-11-21 12:32:36 GMT
    Thursday, November 22 2018 5:53 AM EST2018-11-22 10:53:30 GMT
    Dolce & Gabbana has apologized for insulting remarks about China it allegedly made in conversations on Instagram but denied that it was responsible. 
    Dolce & Gabbana has apologized for insulting remarks about China it allegedly made in conversations on Instagram but denied that it was responsible. 
  • Senator Ben Sasse On Acting AG Matt Whitaker

    Senator Ben Sasse On Acting AG Matt Whitaker

    Thursday, November 22 2018 12:18 AM EST2018-11-22 05:18:38 GMT

    'Them' author and Nebraska Senator Ben Sasse cities the Constitution in his explanation for why he thinks President Trump could have made a better pick for acting attorney general than Matt Whitaker.

     

    'Them' author and Nebraska Senator Ben Sasse cities the Constitution in his explanation for why he thinks President Trump could have made a better pick for acting attorney general than Matt Whitaker.

     
  • Turns out, Dr. John marked his 78th birthday a year early

    Turns out, Dr. John marked his 78th birthday a year early

    Wednesday, November 21 2018 1:52 PM EST2018-11-21 18:52:45 GMT
    Wednesday, November 21 2018 7:23 PM EST2018-11-22 00:23:14 GMT
    (Photo by Amy Harris/Invision/AP, File). FILE - In this April 30, 2017 file photo, Dr. John performs at the New Orleans Jazz and Heritage Festival in New Orleans. The New Orleans-born musician celebrated his 77th birthday last Nov. 21 in the French Qua...(Photo by Amy Harris/Invision/AP, File). FILE - In this April 30, 2017 file photo, Dr. John performs at the New Orleans Jazz and Heritage Festival in New Orleans. The New Orleans-born musician celebrated his 77th birthday last Nov. 21 in the French Qua...
    Turns out it really was the "Right Place, Wrong Time" for Dr. John, whose correct birth date has been revealed. 
    Turns out it really was the "Right Place, Wrong Time" for Dr. John, whose correct birth date has been revealed. 
Powered by Frankly
All content © Copyright 2000 - 2018 KFMB-TV. All Rights Reserved.
For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.