New Agreement Supersedes Prior Contract and Extends Employment Through
September 2011
NEW YORK, Oct. 16 /PRNewswire-FirstCall/ -- CBS Corporation (NYSE: CBS
and CBS.A) 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.
SOURCE CBS Corporation
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Related links:
http://www.cbscorporation.com
http://www.prnewswire.com/comp/185007.html/
CONTACT:
Dana McClintock of CBS, +1-212-975-1077,
dlmcclintock@cbs.com
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