NEW YORK, May 22, 2017 /PRNewswire/ -- CBS Corporation
(NYSE: CBS and CBS.A) announced today a new agreement with
Chairman, President and Chief Executive Officer Leslie Moonves that covers a two year extension
to his current term with CBS Corporation, through June 30, 2021.
Under the terms of the agreement, Moonves' salary remains at its
current level. As before, he will continue to be eligible for an
annual bonus and will receive long-term, performance-based
incentives that further tie the value of the agreement to the
success of the Company and its stock. The agreement provides for
Moonves to become a senior advisor to the Company for an additional
five years, and will include an option to establish a production
company under CBS' auspices.
Moonves came to CBS in 1995 as President of Entertainment. He
was promoted to President and CEO of CBS Television in 1998, became
its Chairman in 2003, and was later named Co-President and Co-Chief
Operating Officer of Viacom and Chairman of CBS in 2004. In 2006,
Moonves was named President and CEO of the newly formed CBS
Corporation when it became a stand-alone, publicly traded company.
In 2016, he was named Chairman as well.
About CBS Corporation:
CBS Corporation (NYSE: CBS.A
and CBS) is a mass media company that creates and distributes
industry-leading content across a variety of platforms to audiences
around the world. The Company has businesses with origins that date
back to the dawn of the broadcasting age as well as new ventures
that operate on the leading edge of media. CBS owns the
most-watched television network in the U.S. and one of the world's
largest libraries of entertainment content, making its brand — "the
Eye" — one of the most recognized in business. The Company's
operations span virtually every field of media and entertainment,
including cable, publishing, radio, local TV, film, and interactive
and socially responsible media. CBS's businesses include CBS
Television Network, The CW (a joint venture between CBS Corporation
and Warner Bros. Entertainment), CBS Television Studios, CBS
Studios International, CBS Television Distribution, CBS Consumer
Products, CBS Home Entertainment, CBS Interactive, CBS Films,
Showtime Networks, CBS Sports Network, Pop (a joint venture between
CBS Corporation and Lionsgate), Smithsonian Networks, Simon &
Schuster, CBS Television Stations, CBS Radio and CBS EcoMedia. For
more information, go to www.cbscorporation.com.
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SOURCE CBS Corporation