Les Moonves Negotiating Exit From CBS

CBS Corp. and Shari Redstone near settlement of legal dispute, discuss exit for CEO Les Moonves

Leslie Moonves in settlement talks with CBS board: Report

As reported by CNBC, citing people familiar with the negotiations, the exit package will be made up nearly entirely of CBS stock.

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

The board of U.S. television giant CBS is negotiating a multi-million-dollar exit for CEO Leslie Moonves, accused of sexual misconduct by at least six women, USA media reported Thursday.

The talks have been going on for some time but have yet to reach a conclusion given continued back-and-forth about his exit package, the sources said. The 68-year-old executive is reportedly due almost $180 million in severance and a production deal under his current contract.

"This is a precedent-setting moment for CBS-and culture at large", time's Up spokesperson wrote in a statement Thursday.

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Shari Redstone is a major shareholder of both CBS and Viacom, and has been seeking to merge the two companies.

The Wall Street Journal is reporting that CBS chief Les Moonves is negotiating with independent directors of CBS' board for a possible exit.

If Moonves does soon leave the company, he would be replaced by COO Joe Ianniello in the interim, CNBC reported.

A former actor, Moonves went on to become one of the most powerful men in the industry after resuscitating CBS. Representatives of the board and representatives for the investigations into Moonves declined to comment.

One of the definitions for "cause" include "willful and material violation of any Company policy that is generally applicable to all employees or officers of the Company, including, but not limited to, policies concerning insider trading or sexual harassment", according to the filing.

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