Moonves’ Megabucks Contract Extension Sweetens Production Pact Terms

Les Moonves
Michael Kovac/Getty Images

The two-year contract extension that CBS unveiled on Thursday for Leslie Moonves promises to keep the CBS chief among showbiz’s highest-paid execs. It also sweetens the terms of a guaranteed production pact with CBS that Moonves may decide to trigger after he’s stepped down as CEO.

According to a Friday filing with the Securities and Exchange Commission, the extension ups the producing fees, overhead funding obligations and number of series commitments that CBS will give Moonves should he pursue the production option. It also gives him the option to extend the term of the production deal itself — a pact negotiated as part of setting his previous contract in 2012.

Moonves’ post-exec production pact is no doubt patterned after the rich film and TV deal that Peter Chernin entered into with Fox after stepping down as COO of News Corp. in 2009.

The filing details the extent of stock options and awards that Moonves is due over the term of the contract, which runs through June 30, 2019. For starters, he will receive a $10 million grant of restricted stock units on Jan. 2.

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