NEW YORK (AP) -- Time Warner (NYSE:TWX) says it has extended the term of CEO Jeff Bewkes for another five years through 2017.

Under the terms of the new deal, Bewkes' base salary and bonus target will remain unchanged. The agreement also provides for annual long-term incentive awards that are tied to financial performance and shareholder returns.

Stephen Bollenbach, the company's lead independent director, said in a statement that Bewkes has "proven visionary when it comes to navigating the digital landscape."

Bewkes has been chief executive since 2008. He was president and chief operating officer for two years before that, and chairman of the entertainment and networks group from July 2002 to December 2005. He was also chairman and CEO of the premium pay TV channel HBO from May 1995 to July 2002.

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