CBS board discussing Moonves exit, a clearer way for a sale

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CBS board discussing Moonves exit, a clearer way for a sale

CNBC is reporting that Leslie Moonves in now in settlement talks with the CBS board of directors about leaving the company.

The news comes after Moonves, one of the world's most powerful media executives, acknowledged "mistakes" in the way he had treated women earlier in his career.

As negotiations continue between CBS and the Redstone family dominated National Amusements over ending their legal battles and Les Moonves' reign, Time's Up are making it very clear today that they think the $100 million and more that the CEO is looking to receive as he exits could be better used elsewhere. (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 made a decision to dismiss him for, like, no good reason.

However, in July, the New Yorker's Ronan Farrow published an article that detailed allegations by six women against Moonves who claim they were sexually harassed and intimidated by Moonves.

Les Moonves may not have much time left at CBS. CBS, led by Moonves, has opposed the move. CBS didn't return a request for comment. His compensation reflects his value to the company: The New Yorker reports that he earned almost $70,000,000 past year, making him one of the highest-paid executives in the world.

The law firms will also look into other allegations that the culture at CBS and CBS News tolerated abusive behaviour.

Sources close to the talks tell CNBC that the board "wants the rights to claw back some of the compensation if it's determined that sexual harassment allegations against Moonves are confirmed".

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