Moonves re-ups as CBS chief executive into 2017

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by Associated Press

Associated Press

Posted on October 16, 2012 at 8:06 AM

Updated Tuesday, Oct 16 at 8:06 AM

NEW YORK (AP) — Leslie Moonves (MOON-vehz) has a new five-year contract with broadcaster CBS that extends his term as chief executive through June 2017.

The deal announced Monday replaces a contract that was to expire in February 2015.

CBS said 63-year-old Moonves' salary will remain the same and he will still be eligible for an annual bonus and stock grants.

In 2011, his pay package rose 20 percent to $68.4 million, a sum that ranks him among the nation's highest paid corporate executives.

Sumner Redstone, the executive chairman and controlling shareholder of CBS Corp., hailed the deal as "terrific news for CBS and all of its constituencies."

CBS' stock is up about 25 percent so far this year, thanks to an advertising rebound and higher fees from pay TV distributors.

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