Moonves Renews Contract at CBS

Moonves’ prior contract was to conclude in 2011. His salary remains at its current level, and he will continue to be eligible for an annual performance-based bonus and will receive equity-based compensation. CBS says it has also provided "incentives for Moonves to continue his relationship with the company at the end of the employment term."

"This is, above all, great news for every shareholder of CBS," said Sumner Redstone, the executive chairman and founder of CBS Corporation. "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."