CBS chief Moonves signs new contract that runs until 2015

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CBS Chief Executive Leslie Moonves has signed a new deal that will keep him running the media company through February 2015.

Moonves won’t get a raise as part of his contract. He’ll have to get by on his current salary of $3.5 million a year. However, the company said he will continue to be eligible for performance-based bonuses. In 2008, Moonves received a bonus of $9.5 million. His current deal was not scheduled to expire until next year.

Moonves will be 65 when his new pact expires, but since his boss, CBS Chairman Sumner Redstone, is 86, it’s unlikely that age will be a factor in whether he gets another extension.

CBS said there are ‘incentives’ for him to continue his relationship with the company after the contract expires. Wonder if one of them is a chance to appear on ‘Undercover Boss.’

-- Joe Flint