CBS boss Les Moonves resigns after misconduct allegations

CBS boss Les Moonves resigns after misconduct allegations

CBS boss Les Moonves resigns after misconduct allegations

Moonves will not receive any severance benefits at this time, and any payments to be made in the future will depend upon the results of the independent investigation. The Moonves-led CBS had opposed such a deal, leading to an open revolt in the board room and a legal battle to diminish Redstone's influence over the company.

Redstone's allies will point to her position as controlling shareholder; accuse Moonves of plotting a jailbreak attempt; and cite the misconduct allegations. The contentious lawsuit, spearheaded by Moonves, was headed for an October trial.

The settlement was made official on Sunday night.

In the event that he does indeed step down at CBS, it's presumed that his successor Joseph Ianniello will serve as interim CEO until an indefinite replacement is found. Some Wall Street insiders were skeptical that CBS would be able to continue as an independent company, even with the two-year promise.

Under Moonves, CBS has been the No. 1 TV network in total viewers for 15 of the past 16 seasons. "It's hard for everybody at CBS News", O'Donnell said.

Farrow's story Sunday seemed to be enough evidence needed from the CBS board. This money, the amount of it, is dependent on the outcome of this investigation and what CBS believes to be truthful and accurate and real allegations of sexual misconduct.

The CBS board of directors announced in response to the first New Yorker story that it had tasked two outside law firms with investigating the allegations against Moonves, as well as "CBS News and cultural issues at all levels of CBS".

According to an SEC filing, Moonves will select the organizations "in consultation with the company". The claims date back to the 1980s and run up through the 2000s.

Moonves, 68, was the CEO of CBS for 15 years and is credited with turning the once-struggling network around to become one of the most-watched in television.

"Without its long-standing leader, CBS is doomed", he said, noting that "who else is strong enough, either in management or on the board, or has sufficient institutional backing to stand up to Shari?"

The Financial Times said imminent boardroom changes meant Mr Moonves would lose support and he was resigning because this would entitle him to a hefty severance package, including stock options.

It is unclear when he first knew that he had to go. The same "global" agreement to settle that dispute will cover Moonves' departure, CNN reported. "This is a first", said Farrow. A second New Yorker article by Farrow published on Sunday contained allegations by six more women.

Moonves gave the The New Yorker a statement strongly denying any wrongdoing and his wife Julie Chen has been defending her husband.

Moonves, in a statement included in the report, acknowledged three encounters before his tenure at CBS, but said they were consensual and added: "The appalling accusations in this article are untrue". And I have never used my position to hinder the advancement or careers of women.

Farrow had a different explanation.

The L.A. Times said CBS' board will wait until the conclusion of an investigation into allegations of misconduct. "And that really is integral to what prompted this followup story".

"CBS takes these allegations very seriously". Reuters could not immediately reach the other women.

Meanwhile, The Los Angeles Times is reporting that Moonves may be out of his role as soon as Sunday evening and according to their sources, Moonves will leave without a severance package. Reports that it could include a multi-million dollar payout provoked some online anger.

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