CBS offers Moonves $100M in settlement talks

Les Moonves in talks for $100 million settlement to leave CBS after sexual misconduct allegations

Les Moonves in talks for $100 million settlement to leave CBS after sexual misconduct allegations

Citing company sources, CNBC claims Moonves's contract could entitle him to as much as $180m in severance but the board is pushing for a $100m package made up of CBS stock.

Moonves will be replaced by chief executive officer Joe Ianniello as interim CEO, according to the CNBC report.

In July, the New Yorker published an article in which six women who had worked with Moonves between the 1980s and late 2000s alleged they had been sexually harassed by the media executive. 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 shares rose more than 3 percent. CBS didn't return a request for comment.

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The Journal also reports that the independent directors are seeking an assurance that CBS parent National Amusements won't seek to combine CBS with sibling company Viacom, something Moonves has long resisted. Representatives of the board and representatives for the investigations into Moonves declined to comment. CBS and controlling shareholder Sumner and Shari Redstone's National Amusements are negotiationg the settlement to end a legal case about whether CBS can "dilute the voting power of NAI". His compensation reflects his value to the company: The New Yorker reports that he earned almost $70,000,000 previous year, making him one of the highest-paid executives in the world.

CNBC reported that the board wants to give Moonves a less lucrative exit package if it confirms the sexual misconduct allegations against him. It was not immediately clear if this could mean Moonves receives less than $100 million or anything at all.

"Moonves had earlier said he "may have made some women uncomfortable by making advances", which he called mistakes he regretted immensely, but that he understood "'no" means "no'" and never used his position to harm anyone's career.

Last week, a NY law firm filed a class-action complaint against CBS alleging shareholders had suffered in the wake of the allegations.

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