Thursday, October 18, 2007

Jericho and Leslie Moonves

"The new deal ties Moonves' compensation more to the performance of the company than the previous contract. Moonves's base salary will $3.5 million per year, versus $5.9 million in the previous contract, which included $2.9 million in deferred compensation.

Moonves will also be eligible for an annual performance-based bonus and will receive "significant" equity-based compensation tied to the performance of CBS' stock (NYSE: CBS).

The contract also includes a one-time option to purchase five million shares of CBS stock, which will vest in four equal installments over the next four years, and annual restricted stock units worth $7.6 million per year."

This is an article and video from May but all Jericho fans should see this.

"Poor, low-tech Les.

Leslie Moonves is used to having new-media people talking down to him. The CBS CEO calls himself a “programmer” and the “heathen from old media.” Not a man usually given to self-deprecation, this posture comes with the territory, especially at digital media conferences. His network has launched a strategy of throwing a lot of its programming out liberally to more than two dozen Internet partners. Less beholden to cable operators than most of his rivals, he can afford to do that. And he has to go around explaining it."

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