CBS CEO Moonves survives board meeting amid misconduct probe

Les Moonves asks USC to 'temporarily suspend' use of name until misconduct probe ends | TheHill

Moonves was called out recently in a bombshell "New Yorker" piece by Ronan Farrow detailing a decades-long history of sexual harassment on behalf of the executive.

CEO of CBS Corp, Leslie Moonves, waves on the first day of the annual Allen and Co. media conference in Sun Valley, Idaho, U.S., July 8, 2015.

The board of the USC School of Cinematic Arts has suspended CBS president Les Moonves amid allegations of sexual misconduct, The Wrap reported.

Covington & Burling, which previously worked with Uber Technologies Inc to look into its culture and workplace practices, is the second law firm that will probe the matter.

Moonves is the latest executive to come under scrutiny by the #MeToo social media movement, which has demanded accountability from business leaders, politicians and entertainers accused of sexual misconduct and has led to resignations in major corporations, Hollywood and among lawmakers in the past year. "The board ... takes these allegations seriously and is committed to acting in the best interest of the Company and all of its shareholders, and is confident that the employees of CBS will continue to perform at a high level as this process unfolds".

The allegations against Moonves, dating back to the 1980s, were revealed in a New Yorker article earlier this week. Adjusted for one-time items, net income was $1.12 per share. The board at the NY media giant has made a decision to leave Moonves at his post during the investigation.

Moonves has opposed efforts by Shari Redstone for CBS to merge with media company Viacom Inc, also owned by National Amusements. While many at CBS are shell-shocked by the turn of events and already speculating that Joe Ianniello, Moonves' chief operating officer, is primed to take over - at least temporarily - if the embattled chief exits. CBS has sought to implement a special dividend to reduce National Amusements' control of the company.

CBS said affiliate and subscription fees revenue, which includes revenue from cable, satellite and streaming TV providers, rose to US$989 million from US$848 million a year before.

CBS said on Monday it would postpone its 2018 annual shareholder meeting that was previously scheduled for August 10 to an unspecified date. Redstone is challenging that in a DE court.

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