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In the interest of speed and timeliness, this story is fed directly from the Associated Press newswire and may contain spelling or grammatical errors.
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CBS signs CEO Leslie Moonves to new contract
Monday April 14, 2003
LOS ANGELES (AP) CBS Television has signed chief executive
officer Leslie Moonves to a new five-year deal that moves him up to
chairman as well.
The current contract, under which Moonves serves as president
and CEO, was to expire next year. The new agreement runs through
2007, Daily Variety reported Monday.
Sumner Redstone, chief executive officer of CBS parent company
Viacom Inc., and Viacom president and chief operating officer Mel
Karmazin wanted to keep Moonves and sought an early contract
agreement, Variety said.
A CBS spokesman declined Monday to comment on contractual
matters.
Moonves, 53, formerly with Warner Bros., joined CBS in 1995. He
was named entertainment chief in 1998 and now controls areas
including news, sports, sales and marketing. He has oversight of
the UPN network.
Under Moonves, money-losing CBS became profitable. The network
is expected to wrap up the 2002-03 season as the most-watched.
(Copyright 2003 by The Associated Press. All Rights Reserved.)
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