Time Warner has extended the contract of chairman and CEO Jeff Bewkes by five years to 2017, the company announced on Tuesday.

The extension won't affect Bewkes' base salary and bonus target, which will remain unchanged. The agreement does include long-term incentive awards tied directly to financial and shareholder returns in the future.

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“Jeff’s compensation reflects his and the Company’s strong performance since 2008, especially in delivering strong financial results in a competitive market and in the digital leadership of our businesses," said Stephen F. Bollenbach, the lead independent director of Time Warner's Board of Directors. "The structure of his pay also takes into consideration the views of our major stockholders and expressly ties his pay to the long-term financial success of the company.”

Bewkes became Time Warner's chairman and CEO in 2009, a year after being appointed as the company's president and CEO. Previously he had served as Time Warner's president and COO, as well as chairman of Time Warner's Entertainment and Networks group.

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Bewkes' resume also includes a stint as CEO of HBO.

“It is a pleasure to work with such a dedicated Board of Directors and I appreciate their confidence in me and in the strategy we have formulated to drive the company’s growth,” Bewkes said.  “With Time Warner’s exceptional management team we have created some of the most compelling content in the world, we have led the way in developing new business models that capitalize on emerging consumer trends, we’ve expanded our reach internationally and we’ve improved the operating and the capital efficiency of the Company.  I’m even more confident about what we’ll achieve over the next five years.”

Time Warner's third-quarter earnings beat Wall Street expectations this year, with the company's film division pushing the company to a 57 percent increase in earnings with revenues of $7.1 billion. The company reported $822 million in profits for the third quarter.