CBS' Les Moonves to Receive Production Deal
CBS doesn't intend on saying goodbye to Leslie Moonves anytime soon.
In an SEC filing Friday, the company confirmed it has secured his services as president and CEO until Feb. 22, 2015, and revealed that it will provide him incentives to enter into a production agreement and provide other services until early 2019.
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The agreement, which is contingent on several unknown conditions, stipulates that CBS will invest as much as $3 million per year in a Moonves-run company that would produce TV, film and digital content.
The deal also provides a $1.5 million fixed fee for Moonves each year as an executive producer of TV shows, though the fee would be reduced by fees he would earn from shows accepted by CBS.
Moonves has agreed to submit a minimum number of projects each season, and CBS is required to order three series over the four-year term of the agreement.
Under the terms of the deal, CBS also gets a "first look at all properties owned and controlled by Mr. Moonves and intended to be produced as a theatrical motion picture."