CBS board in $100 million exit negotiations with CEO Moonves

CBS board in $100 million exit negotiations with CEO Moonves

(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. The board wants to be able to offer less if it's found out that the sexual harassment allegations against him are true.

CBS is in settlement talks with Shari Redstone and National Amusements, sources told Reuters on Wednesday.

Les Moonves may have to leave CBS with only $100 million.

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

There is also some symmetry here too as the besieged Moonves exited as a Commissioners for the Anita Hill-led Commission on Eliminating Sexual Harassment and Advancing Equality in the Workplace on August 1, not long after the Ronan Farrow article on him was published.

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Inquiries to CBS were not returned at the time of publication.

Moonves, who joined CBS in 1995 and became CEO in 2006, has been locked in a legal battle over control of the company with National Amusements, owned by Shari Redstone and her father Sumner who also control media company Viacom.

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

The New York Times is reporting that embattled CBS boss Leslie Moonves is negotiating an exit from the network he has overseen for the past two decades. 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.

"There's an established legal doctrine that says you can potentially be sued for overpaying your CEO to go away", said Eric Talley, a Columbia Law School corporate governance professor.

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