CBS Signs Production Deal With CEO Moonves4 May, 2012 By: Erik Gruenwedel
Apparently CBS CEO Les Moonves’ 2011 pay totaling more than $69 million (in salary and stock) isn’t enough to compensate the executive should he delve into the production of television shows, feature films and related digital properties after stepping down as chief officer.
Moonves, who is under contract to run CBS through 2015, signed a “supplemental agreement” that provides him with $3 million annually in staffing and infrastructure expenses, in addition to $1.5 million in compensation to be executive producer of original programming — if he decides to do so, according to a May 4 regulatory filing.
The compensation would be offset by whatever license fees Moonves receives should CBS pick up a program. CBS is required to pick up at least three shows over the course of the four-year contract. In addition, CBS would have first-look rights, and if picked up would pay Moonves a fixed fee plus “contingent compensation” should the film be profitable.
The contract calls for additional compensation to Moonves for original music, soundtrack and related merchandise concepts created.
The filing also noted that the agreement between CBS and Moonves is contingent on a number of undisclosed preconditions being met, adding that “there can be no assurance” that such a production deal will ever be “consummated.”