Fate Of CBS In Limbo Following Moonves Sexual Misconduct Allegations
Les Moonves, Chief of CBS Image by Getty Images
With CBS CEO Les Moonves’ career up in the air following numerous allegations of sexual misconduct, corporation vice-chairman Shari Redstone’s plan to recombine CBS and Viacom has a likely chance of coming to fruition, according to Vanity Fair.
If that becomes the case, investors may have something to fear, as CBS’s stocks have already begun falling.
The CBS board of directors decided Monday to keep Moonves in his place as CEO as it conducts an independent investigation into his alleged sexual misconduct, which was revealed Friday in the New Yorker.
Independent of the investigation, Moonves has been battling with Redstone over control of the company. Redstone, the daughter of 95-year-old majority owner Sumner Redstone, has tried twice before to re-merge the two companies — a broadcast television station and a once powerful cable network — since they separated in 2006.
CBS shareholders have enjoyed Moonves’ leadership, Vanity Fair reported. The company’s stock has tripled since he took the helm in 2006. Viacom, however, has been down around 30 percent since then.
Redstone’s efforts have failed in the past largely because CBS shareholders voted against the proposed mergers by selling their stock. Without Moonves, she can more easily push past his most loyal shareholders, according to Vanity Fair.
And, the magazine notes, she now has a chance to not only be her father’s successor, but also to openly defy his wish to keep the companies separate.
Alyssa Fisher is a news writer at the Forward. Email her at fisher@forward.com, or follow her on Twitter at @alyssalfisher
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