clear
Saturday November 17th, 2018 6:43PM

The Latest: Moonves ouster could make CBS takeover target

By The Associated Press
Related Articles
  Contact Editor

NEW YORK (AP) — The Latest on the ouster of CBS chief Les Moonves (all times local):

3:25 p.m.

The resignation of longtime CBS chief Les Moonves won't likely lead to drastic changes in network programs, but it could make the company ripe for a takeover.

Moonves was ousted on Sunday, just hours after the New Yorker detailed more sexual misconduct allegations against him. As part of that, CBS shook up its board and settled a larger fight with its parent company, National Amusements.

The parent company agreed not to pursue a CBS merger with sibling company Viacom for two years. That makes CBS a hot target for a takeover by another company.

To better compete with tech companies such as Netflix, companies that have traditionally distributed TV shows and movies have been buying the producers of such programs. The producers, themselves, have been consolidating as well. Possible CBS suitors include AT&T and Verizon.

___

2:45 p.m.

Julie Chen, wife of Les Moonves, was absent from her talk show on the network "The Talk" a day after a new round of sexual misconduct allegations brought the departure of the CBS chief executive.

In what was supposed to be a celebratory season premiere Monday for "The Talk," its four other panelists walked out somberly without Chen, who acts as host and moderator and whose absence had not been announced.

Sharon Osbourne choked back tears as she announced Chen would be taking time off to be with her family, and expressed support for her co-star and friend, a sentiment seconded by the other three women at the table.

All four also expressed vehement support for the women who came forward about Moonves, with Osbourne saying he had clearly ruined the life of one of the accusers.

Chen, who also hosts the CBS series "Big Brother" and married Moonves in 2004, publicly supported him when a first round of sexual allegations emerged last month.

___

1:05 p.m.

CBS will pay ousted chief Les Moonves $120 million if its ongoing investigation fails to find any evidence of sexual misconduct.

Moonves, the television company's longtime CEO, resigned on Sunday, just hours after fresh allegations came out in a New Yorker article. A dozen women have alleged mistreatment, including forced oral sex, groping and retaliation if they resisted him. CBS has hired two law firms to investigate the claims.

In a regulatory filing Monday, CBS says the company will put $120 million in a trust that will go back to the company if the charges are substantiated and the CBS board decides it has cause for termination. Moonves will receive the $120 million as severance if the investigation doesn't substantiate the allegations.

___

10:50 a.m.

Shares of CBS are down more than 3 percent in the first day of trading after the ouster of Les Moonves, the company's chairman.

The CBS Corp., which has consistently been the most-watched network on television, declined $1.88 to $54.19 in morning trading Monday.

Moonves stepped down late Sunday following a story posted by The New Yorker that included a second round of ugly sexual misconduct accusations against the powerful television executive.

CBS chief operating officer, Joseph Ianniello, will take over for Moonves as president and CEO until the company's board of directors can find a permanent replacement.

_____

7:50 a.m.

Shares of CBS are moving higher before the opening bell in what will be the first day of trading after the ouster of Les Moonves, the company's chairman.

The CBS Corp., which has consistently been the most-watched network on television, climbed 93 cents to $56.99 in premarket trading Monday.

Moonves stepped down late Sunday following a story posted by The New Yorker that included a second round of ugly sexual misconduct accusations against the powerful television executive.

CBS chief operating officer, Joseph Ianniello, will take over for Moonves as president and CEO until the company's board of directors can find a permanent replacement.

_____

7:10 a.m.

CBS is reshaping its board as it pursues an independent investigation into Les Moonves, its ousted board chairman, with additional allegations of sexual misconduct continuing to surface.

The investigation is being pursued by the high-profile law firms, Covington & Burling, and Debevoise & Plimpton, and they are being led by Mary Jo White, the former chairwoman of the U.S. Securities and Exchange Commission.

Five board members are leaving, including Leonard Goldberg, Charles Gifford, David Andelman, Doug Morris and Arnold Kopelson.

The company is adding six new board members: Barbara Byrne, Candace Beinecke, Brian Goldner, Richard Parsons, Susan Schuman and Strauss Zelnick.

The CBS Corp. announced Moonves' exit late Sunday, hours after The New Yorker magazine posted a story with a second round of ugly accusations against its chairman. A total of 12 women have alleged mistreatment. Moonves denied the charges, although he says he had consensual relations with three of the women.

  • Associated Categories: Associated Press (AP), AP Entertainment, AP Online TV News, AP Business, AP Business - Corporate News
© Copyright 2018 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Nixon slams mailer questioning her support for Jewish people
Cynthia Nixon's campaign is crying foul over a Democratic Party mailer supporting Gov. Andrew Cuomo that questions her support for Jewish people
9:47PM ( 7 minutes ago )
Probst leaves complex legacy after 10 years as USOC chairman
Larry Probst to step down as USOC chairman after a decade at the helm
9:35PM ( 19 minutes ago )
Tropical Storm Olivia approaches Hawaii with wind, rain
Hurricane Olivia is expected to approach Hawaii in the next day as either a high-end tropical storm or a low-end hurricane
9:25PM ( 29 minutes ago )
Associated Press (AP)
Studio 189's runway was a party of dance, song and fashion
Africa-facing Studio 189 co-founded by Rosario Dawson was a fashion week runway celebration
8:01PM ( 1 hour ago )
Bradley holds off Rose in playoff to win at Aronimink
Keegan Bradley holds off Justin Rose in sudden-death playoff to win rain-plagued BMW Championship for 1st PGA Tour victory in 6 years
7:21PM ( 2 hours ago )
Minaj calls dustup with Cardi B 'mortifying,' 'humiliating'
Nicki Minaj says being involved in an altercation with Cardi B at a fashion week party was "so mortifying and so humiliating."
6:25PM ( 3 hours ago )
AP Entertainment
Study: Middle Eastern actors ignored, stereotyped by TV
A new study says actors of Middle Eastern and Northern African descent are virtually invisible on television. According to findings released Monday, the few such actors on TV are largely confined to playing tyrants and terrorists
1:58PM ( 7 hours ago )
The Latest: Ousted CBS chief's severance could be $120M
CBS will pay ousted chief Les Moonves $120 million if its ongoing investigation fails to find any evidence of sexual misconduct.
1:06PM ( 8 hours ago )
With the fall of a kingmaker, CBS is punished on Wall Street
Investors size up CBS after Moonves steps down and shares take a hit
12:13PM ( 9 hours ago )
AP Online TV News
Mass rally wraps up North Korea's 70th anniversary events
Keeping its nuclear weapons out of the spotlight, North Korea wraps up 70th anniversary celebration focused on Korean unity and economic development
8:19PM ( 1 hour ago )
California aims to drop fossil fuels for electricity by 2045
California has set a goal of phasing out all fossil fuels from the state's electricity sector by 2045 under legislation signed by Gov. Jerry Brown
8:00PM ( 1 hour ago )
House Republicans seek permanent tax cuts as elections loom
House Republican leaders have unveiled their proposal to expand the massive tax law they hustled through Congress last year, aiming to make permanent the individual tax cuts and small-business income deductions now set to expire in 2026.
7:52PM ( 2 hours ago )
AP Business
Stocks end losing streak as industrials, retailers rise
Gain for industrial and consumer-focused companies help US stock indexes break out of a four-day losing streak
4:33PM ( 5 hours ago )
Despite Trump tweet, Ford says it won't make hatchback in US
Despite Trump tweet, Ford says it won't bring production of Focus Active to US from China
4:06PM ( 5 hours ago )
Industrial and consumer stocks lead rebound in US indexes
US stocks are rising as industrial and consumer-focused companies climb and technology companies recover after sharp losses last week
2:42PM ( 7 hours ago )
AP Business - Corporate News
Nixon slams mailer questioning her support for Jewish people
Cynthia Nixon's campaign is crying foul over a Democratic Party mailer supporting Gov. Andrew Cuomo that questions her support for Jewish people
9:47PM ( 8 minutes ago )
Probst leaves complex legacy after 10 years as USOC chairman
Larry Probst to step down as USOC chairman after a decade at the helm
9:35PM ( 19 minutes ago )
Tropical Storm Olivia approaches Hawaii with wind, rain
Hurricane Olivia is expected to approach Hawaii in the next day as either a high-end tropical storm or a low-end hurricane
9:25PM ( 30 minutes ago )
Verlander saluted back at Comerica, Astros beat Tigers 3-2
Justin Verlander made it seem like old times at Comerica Park, drawing several big cheers and pitching seven sharp innings in his return to his former home while leading the Houston Astros over the Detroit Tigers 3-2
9:23PM ( 31 minutes ago )
Discovery of dog saves Oregon man from sex-crime conviction
The discovery of a black Lab named Lucy led to the unravelling of a criminal case Monday against an Oregon man who had begun serving a 50-year prison sentence
9:22PM ( 33 minutes ago )