NEW YORK, Oct. 16 /PRNewswire-FirstCall/ -- CBS Corporation announced today a new employment agreement with President and Chief Executive Officer Leslie Moonves. The agreement supersedes the prior contract and extends his employment with the CBS Corporation through September 30, 2011.
"I look forward to working with Les for many years to come," said Sumner Redstone, Executive Chairman, CBS Corporation. "What he has accomplished since we unleashed the new CBS Corporation has exceeded all my expectations. 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."
"I love this great company and the talented people with whom I am privileged to work," said Moonves. "I am very excited about our future together and confident in our continued success."
Under the terms of the agreement, Moonves's salary is $3.5 million per year, versus $5.9 million in the previous contract, which included $2.9 million in deferred compensation. Additionally, Moonves will be eligible for an annual performance-based bonus and will receive significant equity-based compensation that ties the value of the agreement to the performance of the Company's stock.
Included in the agreement is a one-time option to purchase five million shares of CBS Class B Common Stock, which will be granted later this week. These stock options will vest in four equal installments over the next four years. Additionally, the agreement provides Moonves annual restricted stock units (RSUs) during the term with a value of $7.6 million per year. The Company has also provided incentives for Moonves to continue his relationship with the Company upon the end of the employment term.
For more information regarding the agreement, please see the Company's Current Report on Form 8-K being filed with the Securities and Exchange Commission which attaches and incorporates therein a copy of the employment agreement.
About CBS Corporation
CBS Corporation is a mass media company with constituent parts that reach back to the beginnings of the broadcast industry, as well as newer businesses that operate on the leading edge of the media industry. The Company, through its many and varied operations, combines broad reach with well-positioned local businesses, all of which provide it with an extensive distribution network by which it serves audiences and advertisers in all 50 states and key international markets. It has operations in virtually every field of media and entertainment, including broadcast television (CBS and The CW - a joint venture between CBS Corporation and Warner Bros. Entertainment), cable television (Showtime and CSTV Networks), local television (CBS Television Stations), television production and syndication (CBS Paramount Network Television and CBS Television Distribution), radio (CBS Radio), advertising on out-of-home media (CBS Outdoor), publishing (Simon & Schuster), interactive media (CBS Interactive), music (CBS Records), licensing and merchandising (CBS Consumer Products) and video/DVD (CBS Home Entertainment). For more information, log on to http://www.cbscorporation.com/.
