Tuesday, 11 December, 2018

CBS board in negotiations for CEO Moonves exit from the company

CBS offers Moonves $100M in settlement talks Modal Trigger Les Moonves Getty Images
Orlando Vargas | 09 September, 2018, 23:25

(After all, he wouldn't have to leave if it weren't for that pesky Ronan Farrow!) An agreement supposedly entitles him to as much as $180 million in severance and "a production deal" (guessing sob story rights?) if the board chose to dismiss him for, like, no good reason.

CBS has appointed two law firms to investigate Moonves for sexual misconduct allegations stemming from a July New Yorker article.

Redstone is president of National Amusements, which is a controlling shareholder of both CBS and Viacom.

The writing may have been on the wall for Time's Up reaction with the huge sums of money that are at play for the much accused and still under investigation Moonves.

Media company CBS's board has reportedly offered chief executive officer Les Moonves a US$100 million exit package.

The company's shares fell almost 2 percent to $51.95 in premarket trading on Thursday.

If Moonves does leave the network, Joseph Ianniello is likely to be named as an interim successor, the Times said.

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A spokesperson for CBS Corporation declined to comment.

The US television giant has been the focus of an ongoing legal battle between the Redstone family and the board, chaired by Moonves.

A former actor, Moonves went on to become one of the most powerful men in the industry after resuscitating CBS.

Moonves received total compensation of $69.33 million in 2017, making him one of the highest paid USA executives.

Sources close to the talks tell CNBC that the board "wants the rights to claw back some of the compensation if it's determined that sexual harassment allegations against Moonves are confirmed".

"Moonves had earlier said he "may have made some women uncomfortable by making advances", which he called mistakes he regretted immensely, but that he understood "'no" means "no'" and never used his position to harm anyone's career.

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