Les Moonves Has Another Four Years To Save CBS

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Well, CBS’s 2009 revenues were down by 7%, at $13.01 billion compared to last year. But the board has hope CBS president and CEO Leslie Moonves will pull the company’s revenues up from the red.

Moonves just got a renewed contract, according to MarketWatch. He’ll stay at the company for another four years, until 2015. His previous contract was set to expire in 2011.

With the new agreement, Moonves won’t be getting a big salary hike.

Last year, Moonves took a cut in his pay, from about $32 million in 2008 from about $36 million in 2007. He lost $10 million from his take-home pay, which came in at $13 million and his bonus was almost cut in half to $9.5 million.

Moonves was recently crowing about all the TV ad revenue they are sure to sign this spring. “We’re not just looking at low single-digit increases at the upfront, because our numbers are going to expect more,” he said, speaking to investors on a conference call. “We believe in our product, and we believe in the strength of our network and our programming.

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