Wednesday, 26 September, 2018

CBS CEO Les Moonves reportedly in exit talks amid sexual misconduct probe

CBS Corp. and Shari Redstone near settlement of legal dispute, discuss exit for CEO Les Moonves Les Moonves: CBS board reportedly offering CEO $100m exit package
Russell Knight | 09 September, 2018, 21:39

Moonves, who has been accused of inappropriate conduct in incidents that happened more than two decades ago, was reportedly offered somewhere in the neighborhood of $100 million by the board, the outlet reports.

As negotiations continue between CBS and the Redstone family dominated National Amusements over ending their legal battles and Les Moonves' reign, Time's Up are making it very clear today that they think the $100 million and more that the CEO is looking to receive as he exits could be better used elsewhere.

The New Yorker reported that Moonves denied "any characterization of 'sexual assault, ' intimidation, or retaliatory action".

The CNBC report states that CBS COO Joe Ianniello would be named interim CEO, if the company is able to negotiate Moonves's exit. He did, however, acknowledge trying to kiss actress and writer Illeana Douglas, according to the statement provided to The New Yorker. Time's Up included a link to its own Go Fund Me page, urging CBS leaders to "use this money to provide power and justice to victims of abuse".

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Les Moonves may have to leave CBS with only $100 million. CBS's shares dropped 6 per cent after the news broke - its worst one-day loss in almost seven years. While his contract would entitle him a golden parachute of up to $US180 million, the board is reportedly offering him about $US100 million given the ongoing investigation into sexual harassment claims against him.

The law firms will also look into other allegations that the culture at CBS and CBS News tolerated abusive behaviour. Moonves is "entirely recused" from the investigation, the statement from the board said.

CBS declined to comment to CNBC and did not immediately respond to a request for comment from Business Insider.

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