CBS (CBS - Get Report) said this afternoon that it had agreed to a contract extension with Chairman, President and CEO Les Moonves through June 30, 2021.

Under the terms of the agreement, Moonves' salary remains at its current level.

Moonves got a pay raise in 2016 to $69.6 million, an increase of 22% from 2015, according to Variety

The extension also provides for him to become a senior advisor to the firm for an additional five years.

Moonves first came to CBS in 1995 as president of entertainment and was named CEO in 2006.

Shares of CBS were higher during afternoon trading on Friday.

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