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

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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 This material may not be published, broadcast, rewritten or redistributed.

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