You will be redirected back to your article in seconds

CBS strikes deal with Moonves

CEO stays at helm until 2011

CBS Corp. has struck a new long-term employment contract with prexy and CEO Leslie Moonves that will keep him at the helm of the Eye through 2011.

Pact reduces his base annual compensation to $3.5 million from $5.9 million but adds incentives that will allow him to pull down more coin if CBS Corp. stock does well. Moonves’ previous rich pay package — the Associated Press estimated his total 2006 haul at $24.5 million, including a $15 million bonus — had been a lightning rod for corporate governance watchdog groups.

Under the new agreement, Moonves will have the opportunity to buy 5 million shares in CBS stock options that will vest in installments over the next four years. He will also be eligible for a performance-based bonus on top of his base salary.

CBS Corp. executive chairman Sumner Redstone was effusive in his praise of Moonves.

“What he has accomplished since we unleashed the new CBS Corp. has exceeded all my expectations,” he said. “There is no better CEO in America, and I have no doubt that his success will only continue as he leads CBS into the next decade.”

Decision to reup Moonves comes as no surprise. He’s cultivated a close relationship with Redstone, and most of the Eye’s key assets remain in solid shape.

Broadcast network has been the most watched of the webs for the past four seasons, though reaching young adults has proved more difficult. The Eye’s programming team is in the process of freshening up the net’s lineup, adding edgier fare in an effort to expand CBS beyond its core crime drama sked.

So far this fall, those efforts have met with mixed results. New laffer “The Big Bang Theory” appears to be off to a good start, while there are promising signs for “Moonlight.” New sudser “Cane” is struggling a bit, however.

Under Moonves, the Eye has also started expanding into the music and film businesses, launching a record label and nascent movie unit. It also has become a leader in digital distribution.

Moonves’ previous package, granted after the split of Viacom into two companies in 2006, included $2.9 million per year in deferred compensation. He also earned a $14 million bonus at the time of the Viacom-CBS split.

The company said the new agreement also provides Moonves with up to $7.6 million in “restricted stock units” per year and “incentives for Moonves to continue his relationship with the company upon the end of his employment term.”

CBS Corp. closed at $29.36 on Tuesday, up a tad from Monday.

More TV

  • The L Word TV Show Reboot

    Golden Globes: What the Rise in LGBTQ+ Content May Mean for Awards Acclaim

    The LGBTQ+ community has made major strides on TV screens across the United States. Subjects that were once considered taboo even just a few years ago, including two same-sex people embracing on-screen, now dominate small-screen storylines. Behind the scenes, writers, producers and directors who identify as LGBTQ+ are also taking the reins of series, often [...]

  • The Mandalorian Episode 3

    ‘The Mandalorian’: 5 Burning Questions From Episode 3

    (SPOILER ALERT: Do not read on if you have not watched the first three episodes of Disney Plus’ “Star Wars” spinoff series “The Mandalorian.”)   Well, that was epic. Episode 3 of “The Mandalorian” ended in a massive shootout, with Pedro Pascal’s character escaping by the skin of his teeth, thanks to more than a little [...]

  • TV Ratings: 'Grey's Anatomy' Leads Way

    TV Ratings: 'Grey's Anatomy' Leads Scripted as 'Young Sheldon' Ticks Down

    “Grey’s Anatomy” was the highest rated non-football show on Thursday night, while its nearest competitor, “Young Sheldon,” was down week-to-week. The ABC drama was even at a 1.3 rating and around 6.4 million total viewers. “A Million Little Things” followed it up with a 0.8, and “How to Get Away with Murder” scored a 0.4. [...]

  • Stephen Curry, Will Arnett NBA Comedy

    Stephen Curry, Will Arnett NBA Comedy Series in Development at Fox

    Stephen Curry and Will Arnett may never be on the same basketball team, but the duo are working together on an NBA-related series which is in development at Fox. Titled “The Second Half,” the multi-camera comedy has been given a script plus penalty commitment by the network. “The Second Half” takes a “humorous look” at a retired [...]

  • Golden Globes: More New Contenders Cause

    Golden Globes: More New Contenders Cause Increased Voting Issues

    Last year, the amount of original scripted television series hit an all-time high at just under 500. This year the number is on track to top out well above that, with 154 of those shows being brand new launches for the calendar year (in a combination of ongoing series and limited events). And the kicker [...]

  • Liza Koshy

    Liza Koshy to Host Dance-Competition Series -- With a Moving Dance Floor -- for Quibi

    YouTube star and comedian Liza Koshy will preside over a dance-competition reality series coming to Quibi — a kind of mashup of “So You Think You Can Dance” and “Wipeout.” In “Floored,” two opposing teams of skilled dancers will try their best to perform a routine while the dance floor itself actually lifts, tilts, drops, [...]

  • SATURDAY NIGHT LIVE -- "David Harbour"

    Heidi Gardner's Kooky 'Weekend Update' Characters Make News on 'Saturday Night Live'

    When extra laughs are required on “Weekend Update” these days, Bailey Gismert sometimes answers the call. The ersatz teenager character, one of several popular figures played by “Saturday Night Live’s” Heidi Gardner, is supposed to review movies, but typically ends up insulting “Update” co-anchor Michael Che, rolling her eyes, and having an emotional breakdown. Audiences [...]

More From Our Brands

Access exclusive content