Liberty Media Corp. Chief Executive Greg Maffei has reached an agreement to remain in that role through 2019.

Liberty LMCA, +1.41% has pursued an aggressive expansion strategy since Maffei took the helm at the start of 2006. He said in a January interview with The Wall Street Journal that we need to look at the marketplace, trying to look for durable assets, take advantage of cheap financing and think about trying to build different kinds of value.

Liberty Media bought a big stake in Charter Communications Inc. last year and spun off that interest into Liberty Broadband LBRDK, -0.89% , a new publicly traded company. Charter has agreed to buy subscribers from Comcast Corp. CMCSA, +0.84% after Comcasts pending deal with Time Warner Cable Inc. TWC, +1.11% closes. Liberty and Charter had pursued an acquisition of Time Warner Cable but lost out to Comcast.

We are extremely pleased that Greg will continue in his leadership role for another five years, Chairman John Malone said in a statement. Maffei will continue as president and CEO of Liberty Interactive as well.

A new compensation agreement calls for Mr. Maffei to receive an annual base salary of $960,750, increasing annually by 5%, and an annual target cash bonus equal to 250% of the applicable years base salary.

An expanded version of this report appears at WSJ.com.

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Liberty Media CEO Maffei gets contract extension through 2019