CBS in talks on exit for accused CEO Moonves

CBS Corp. and Shari Redstone near settlement of legal dispute, discuss exit for CEO Les Moonves

In late July, a New Yorker article claimed that six women accused Moonves of unwanted advances and sexual assault.

As part of the settlement talks, Moonves would leave with $100 million - $10 million in cash and $90 million in CBS stock.

A new report from CNBC says that Moonves, who has been accused of sexual harassment by six women, and the CBS board are now negotiating a settlement, but their discussions have stalled over the issue of the his exit package.

CBS Corporation shares were trading at $54.77 per share on Thursday afternoon, up $1.82 (+3.44%).

If Moonves exits the company, Chief Operating Officer Joe Ianniello will temporarily assume his position. How dare they! After all, as Moonves told those dirt-digging reporters at The New Yorker that he always respected the word "no" and, sure, "there were times decades ago when [he] may have made some women uncomfortable by making advances", but who hasn't? CBS, led by Moonves, has opposed the move.

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That investigation is ongoing and could impact Moonves' severance, the sources said. CBS didn't return a request for comment.

Moonves, who joined CBS in 1995 and became CEO in 2006, has been locked in a legal battle over control of the company with National Amusements, owned by Shari Redstone and her father Sumner who also control media company Viacom.

Moonves received a total compensation of $69.33 million in 2017, making him one of the highest paid US executive.

CBS in August said it had retained two law firms and the board had set up a special committee to probe the allegations.

Even more rudely, the network wants the right to take back some of that money if it turns out that Moonves committed even more sexual misconduct. "Those were mistakes, and I regret them immensely".

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