Moonves to stay with CBS until 2011

Leslie Moonves, president and chief executive of CBS, has agreed a contract to stay at the network until at least 2011.

He will get $3.5 million per year as well as annual performance-based bonuses and more pay tied to the company's stock value.

Sumner Redstone, executive chairman, said Moonves had also been given incentives to stay beyond 2011.

"I look forward to working with Les for many years to come," he added. "What he has accomplished since we unleashed the new CBS Corporation has exceeded all my expectations.

"There is no better CEO in America, and I have no doubt that his success will only continue as he leads CBS into the next decade."

Moonves commented: "I love this great company and the talented people with whom I am privileged to work. I am very excited about our future together and confident in our continued success."