Tags: moonves | cbs | lawsuit | settled | board | sexual harassment

CBS Shakeup: Moonves Out, Lawsuit Settled, New Board Members Named

CBS Shakeup: Moonves Out, Lawsuit Settled, New Board Members Named
Les Moonves (Getty Images)

Sunday, 09 September 2018 07:37 PM

CBS Corp CEO Leslie Moonves resigned from the company, the company said on Sunday, amid fresh allegations of sexual assault and harassment.

CBS also announced a deal to end litigation against controlling shareholder Shari Redstone and National Amusements Inc for control of the broadcaster and media company.

Chief Operating Officer Joe Ianiello will take over as interim CEO as the board searches for a replacement, according to the announcement. The settlements end years of uncertainty over the future of CBS and could potentially open the door future deals.

The announcement comes after six more women accused Moonves of sexual assault and harassment in a report published on Sunday in the New Yorker magazine.

National Amusements agreed to avoid pressing for a merger of CBS and Viacom, which is also controlled by National Amusements, for at least two years.

In earlier court filings, NAI had dropped support for a deal before it was sued in May by CBS for control of the company. The settlement does not preclude other parties from suggesting a merger or bringing other potential transactions to the board, one source said.

Moonves, 68, who turned CBS from an aging radio and TV broadcaster into a provider of shows to digital platforms, was expected to reap an estimated $100 million in severance.

But Moonves could end up with nothing pending an investigation into allegations of violence against women conducted by law firms hired by an independent committee of the CBS board of directors.

CBS said it and Moonves will donate $20 million of Moonves' severance to organizations supporting the #MeToo movement.

Five current independent directors and one National Amusement-affiliated director have stepped down from the board of directors and six new directors have been elected, the company said.

© 2021 Thomson/Reuters. All rights reserved.


   
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CBS has made it official: Leslie Moonves is stepping down as chairman-CEO amid a cascade of sexual assault allegations and CBS and National Amusements Inc. have settled the legal battle that erupted in May over control of the company.
moonves, cbs, lawsuit, settled, board, sexual harassment
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2018-37-09
Sunday, 09 September 2018 07:37 PM
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