CBS’ new new contract for Moonves…

October 17, 2007

Late yesterday, CBS (CBS) announced that it had signed a new employment agreement with President and CEO Leslie Moonves, extending his employment there through September 2011. But the announcement, which included such pithy quotes as, “I love this great company and the talented people with whom I am privileged to work,” triggered a bit of deja vu for me.

That’s because it was less than two months ago that we footnoted Moonves’ old new employment agreement which included an interesting provision regarding the reimbursement of Moonves’ New York state and city taxes, as well as a provision on what would happen if either the city or state audited the bi-coastal executive.

CBS has yet to file the new new contract, so all we have is the press release, which just includes the basics about salary and stock options, plus those probing quotes. But it does make one wonder about why the August agreement was so necessary, given that the company had to be in the process of negotiating the agreement announced yesterday.

UPDATE: The new contract was filed late Friday(10/19). To me, the most interesting thing in it is the provision that allows Moonves to retire as an “senior advisor/producer” and get paid $2 million a year for the next three years once the current contract expires in 2011.

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