CBS Corp. and Shari Redstone near settlement of legal dispute

Gladys Abbott
September 9, 2018

The board is reportedly offering Moonves quite a hefty sum (close to the tune of $100 million), but the CEO has continued to reject their offer in hopes of cashing in on a higher payday.

The Wall Street Journal is reporting that CBS chief Les Moonves is negotiating with independent directors of CBS' board for a possible exit. Under that arrangement, Moonves, remarkably, would be forfeiting approximately $80 million in compensation which he would reportedly be owed as part of a severance package and a production deal. Those were mistakes, and I regret them immensely.

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Earlier, shares took a hit following a report that the board is in settlement talks with embattled CEO Les Moonves, and has offered a $100 million exit package.

Moonves' potential exit from CBS comes at a time of twin sources of turmoil for the company. "But I always understood and respected - and abided by the principle - that "no" means "no", and I have never misused my position to harm or hinder anyone's career". In an email to CBS employees, the two lawyers leading the investigation said they are looking into "allegations of sexual harassment, retaliation and an inappropriate culture for women at CBS". CBS, led by Moonves, has opposed the move. His compensation reflects his value to the company: The New Yorker reports that he earned almost $70,000,000 a year ago, making him one of the highest-paid executives in the world. Since then, dozens of other women have come forward with similar claims and CBS has launched an internal investigation. Year-to-date, CBS has declined -6.52%, versus a 8.82% rise in the benchmark S&P 500 index during the same period.

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