The agreement supersedes a prior contract that was to conclude in 2011 and extends Moonves' employment with CBS Corp. through Feb. 22, 2015.
"This is, above all, great news for every shareholder of CBS," Sumner Redstone, executive chairman and founder of CBS Corp., said in a statement Wednesday. "Leslie is a superb executive who has led CBS to a position of unparalleled leadership in the industry. This agreement not only secures the future of the company for many years to come, it also further aligns and strengthens the interests of the chief executive with those of our shareholders. I look forward to working with Leslie as we capitalize on all of the opportunities that lie ahead."
"I have the privilege of working with the greatest team of people in this or any other business," added Moonves. "I am very gratified that my relationship with the company will continue as we build on the strong foundation we have laid for ongoing growth and success."
2014: The Year in Music [PHOTOS]