NEW YORK (AP) — CBS is extending the contract of President and CEO Leslie Moonves for another two years, through June 2019.
CBS Corp. says Moonves' salary will remain at its current level and he will be eligible for annual performance bonuses and stock-based compensation.
According to calculations by The Associated Press and Equilar, Moonves was the second-highest paid CEO of 2013, with $65.6 million in total compensation.
The new deal still calls for him to be an adviser to CBS for five years when his contract expires, and he will have an option to start a production company under the CBS banner.
Moonves, 65, has been president and CEO of CBS since it was split off from Viacom Inc. in 2006.