June 22 2024

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CBS Chairman-CEO Moonves Resigns

2 min read

CBS‘s Les Moonves has stepped down from his position in CBS after multiple sexual assault accusations over the last few months.

“We thank Les for his twenty-four years of service,” said CBS board member Bruce Gordon. “Among his achievements, he established a strong management team, giving us great confidence as we accelerate our succession plans and provide continuity of leadership. This agreement maintains an independent board that is charged with determining the best course for the future of CBS on behalf of all shareholders.

Joe Ianniello, CBS‘s chief operating officer, has been named interim CEO of the company. In addition, six new board members have been added.

CBS and Moonves will “donate twenty million dollars to organizations that support the #MeToo movement and equality for workplace in the women.”

“The donation, which will be made immediately, has been deducted from any severance benefits that may be due Moonves following the Board’s ongoing independent investigation led by Covington & Burling and Debevoise & Plimpton,” said CBS. “Moonves will not receive any severance benefits at this time (other than certain fully accrued and vested compensation and benefits); any payments to be made in the future will depend upon the results of the independent investigation and subsequent Board evaluation.”

How does this all affect the potential CBS/Viacom merger? According to The Hollywood Reporter, “there would be no imminent proposal to merge CBS and Viacom, a move that had been sought by Shari Redstone and controlling stakeholder National Amusements Inc.

So don’t look for all of Star Trek movies and shows to be under one umbrella again, at least for the near future.

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