CBS Reportedly Offering Les Moonves a $100 Million Exit Package

CBS offers Moonves $100M in settlement talks

Modal Trigger Les Moonves Getty Images

Some reports have speculated that Moonves could walk away with a severance package worth more than $100 million.

Shari Redstone is a major shareholder of both CBS and Viacom, and has been seeking to merge the two companies.

Moonves joined CBS in 1995 and led a turnaround of the network into the highest rated broadcaster in the American television landscape, while at the same time, becoming one of the most powerful figures in Hollywood.

The sources said if Moonves departs, CBS's chief operating officer, Joseph Ianniello, would be named interim CEO and remain a candidate to be named permanent CEO, though the board would consider other candidates as well.

The company's shares fell almost 2 percent to $51.95 in premarket trading on Thursday.

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However, in July, the New Yorker's Ronan Farrow published an article that detailed allegations by six women against Moonves who claim they were sexually harassed and intimidated by Moonves. 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". Representatives of the board and representatives for the investigations into Moonves declined to comment. CBS and National Amusements, run by media mogul Shari Redstone, are reportedly in talks to settle a court battle over control.

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

CNBC reported that the board wants to give Moonves a less lucrative exit package if it confirms the sexual misconduct allegations against him.

According to a filing from CBS in April, if Moonves is terminated for cause, or in the event of resignation without "good reason", no incremental payments and benefits would be made.

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