Published: Sun, September 09, 2018
Markets | By Otis Pena

CBS CEO in exit talks amid sexual misconduct probe

CBS CEO in exit talks amid sexual misconduct probe

As reported by CNBC, citing people familiar with the negotiations, the exit package will be made up nearly entirely of CBS stock.

There is also some symmetry here too as the besieged Moonves exited as a Commissioners for the Anita Hill-led Commission on Eliminating Sexual Harassment and Advancing Equality in the Workplace on August 1, not long after the Ronan Farrow article on him was published.

A trial is set for October to resolve these and other issues, though the settlement could be reached before then. And the CBS side would drop its bid to dilute Redstone's ownership. (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.

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Moonves' potential exit from CBS comes at a time of twin sources of turmoil for the company. Moonves is "entirely recused" from the investigation, the statement from the board said.

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. CBS shares were up decisively on Thursday. Year-to-date, CBS has declined -6.52%, versus a 8.82% rise in the benchmark S&P 500 index during the same period.

Time's Up, the advocacy organization that sprang from revelations about sexual assault and harassment in the entertainment industry, is urging CBS board members not to provide Leslie Moonves with a hefty severance package amid reports of the CEO's looming departure from the company.

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