Les Moonves, CBS reportedly begin settlement talks

Kenny Grant
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. (After all, he wouldn't have to leave if it weren't for that pesky Ronan Farrow!) An agreement supposedly entitles him to as much as $180 million in severance and "a production deal" (guessing sob story rights?) if the board chose to dismiss him for, like, no good reason.

Six women accused Moonves of sexual misconduct in a lengthy article in The New Yorker, which also suggested how the company maintains a testosterone-fueled culture where "everything feels old, the people, the furniture, the culture, the mores".

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.

In a statement published after the New Yorker story, Moonves acknowledged "that there were times decades ago when I may have made some women uncomfortable by making advances". Those were mistakes, and I regret them immensely. CBS, led by Moonves, has opposed the move.

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Moonves's potential departure comes amid sexual assault allegations against him - and as CBS faces a legal dispute regarding control of the company.

The CBS board has hired two outside law firms to conduct an independent investigation into the claims against Moonves, as well as other issues throughout CBS and CBS News.

That investigation is ongoing and could impact Moonves' severance, the sources said.

CBS declined to comment to CNBC and did not immediately respond to a request for comment from Business Insider.

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