ibusinesslines.com September 19, 2018

CBS negotiating Moonves' exit and Viacom merger standstill

09 September 2018, 11:28 | Kelvin Horton

Leslie Moonves in settlement talks with CBS board: Report

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

Moonves, who has remained in charge despite the allegations against him, signed an employment contract in May 2017 that provides for a severance package worth almost $180 million if he is removed without cause.

These discussions are occurring as the company and its controlling shareholder Shari Redstone and National Amusements Inc are also hammering out a settlement to a legal dispute over the control of CBS.

Long viewed as a successor to Moonves, Ianniello was instrumental in CBS's success following its split from Viacom in 2006.

The board of United States television giant CBS is negotiating a multi-million-dollar exit for CEO Leslie Moonves, accused of sexual misconduct by at least six women, USA media reported Thursday.

CBS shares were up more than 3 percent on Thursday following media reports of the possible settlement. CBS and NAI officials have declined to comment on talks between the two companies.

Six women who had professional dealings with Moonves told The New Yorker in an article published on July 27 that he sexually harassed them between the 1980s and late 2000s. 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". Moonves is "entirely recused" from the investigation, the statement from the board said.

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

A sticking point is Moonves' exit package, according to the report. It was not immediately clear if this could mean Moonves receives less than $100 million or anything at all.

During the company's August earning call, Moonves did not address the allegations and none of the Wall Street analysts on the call asked about it either.

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