Published: Sun, September 09, 2018
Markets | By Noel Gibbs

CBS negotiating Moonves' exit

CBS negotiating Moonves' exit

The settlement talks would see Moonves replaced by COO Joseph Ianniello on an interim basis and offered a roughly $100 million exit package made up nearly entirely of CBS stock, CNBC reported.

Moonves has denied the allegations against him. Under his contract, Moonves is owed as much as $180 million in severance, according to CNBC.

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

Inquiries to CBS were not returned at the time of publication.

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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. One of the accusers is actress Illeana Douglas (Six Feet Under), who reportedly alleges she was sacked from a 1997 pilot after refusing Moonves' advances which included "violent kissing" and holding her down on his office couch. "I always understood and respected - and abided by the principle - that "no" means 'no, ' and I have never misused my position to harm or hinder anyone's career", he said in a statement to The New Yorker.

"This is a precedent-setting moment for CBS-and culture at large", time's Up spokesperson wrote in a statement Thursday. Time's Up included a link to its own Go Fund Me page, urging CBS leaders to "use this money to provide power and justice to victims of abuse".

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This week CBS's board announced it has appointed two legal firms to look into the allegations brought against Moonves. 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.

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