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CBS Signs Extension with Chief Exec Moonves

CBS Corp. said it has signed a new employment contract with Chief Executive Leslie Moonves that extends his term to 2011.

Moonves will now earn $3.5 million per year, compared with his previous salary of $5.9 million, which included $2.9 million in deferred compensation.

He will also be eligible for a performance-based bonus and receive "significant" equity-based compensation tying the value to the company's performance.