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| CBS might oust its longtime CEO and chairman Les Moonves after Ronan Farrow releases his bombshell story about him. |
Julie Chen may want to check her husband's day to day activities. The New Yorker will release a damaging report about CBS chairman and CEO Les Moonves and his misconduct towards women.
The Hollywood Reporter detailed the controversy and we are waiting on the report to come out.
The bombshell release put a dent in CBS stock.
Ronan Farrow wrote the piece which is slated for Friday night will detail allegations that the CBS president was touching and groping female interns.
These allegations go as far as 30 years. The allegations also follow into recent.
CBS said in a statement that it is investigating the claims made against Moonves. “All allegations of personal misconduct are to be taken seriously," the network stated. "The Independent Directors of CBS have committed to investigating claims that violate the Company’s clear policies in that regard. Upon the conclusion of that investigation, which involves recently reported allegations that go back several decades, the Board will promptly review the findings and take appropriate action.”
CBS added: “The timing of this report comes in the midst of the Company’s very public legal dispute. While that litigation process continues, the CBS management team has the full support of the independent board members. Along with that team, we will continue to focus on creating value for our shareowners.”
Moonves, 68, has been married to CBS personality Julie Chen since 2004. (The two wed less than two weeks after Moonves finalized his divorce from Nancy Wiesenfeld, whom he had married in 1978.)
Farrow, the reporter who won a Pulitzer Prize for breaking news of Harvey Weinstein’s alleged pattern of rape and sexual assault, is said to have investigated Moonves and the environment at CBS for months, as rumors swirled through the industry that such an article was in the works.
It is unclear what impact The New Yorker report will have at a time when Moonves is locked in litigation with Shari Redstone, the controlling shareholder in both CBS and Viacom. The feud erupted after CBS resisted Redstone’s desire to merge the two companies, which she controls through voting shares in the Redstone family-controlled trust, National Amusements Inc.
CBS sued Redstone in May to prevent her from attempting to take control by ousting directors or changing bylaws. Redstone responded with her own lawsuit saying Moonves had no right to strip her of control of CBS.
CBS received unwelcome scrutiny in November when it fired Charlie Rose after The Washington Post reported that eight women had accused the talk-show host and co-anchor of CBS This Morning of sexual misconduct. In a May 3 follow-up, the paper reported that CBS managers had been warned about Rose's conduct on three occasions, as early as in 1986 (long before Moonves worked at the network) and as recently as in April 2017. Among an additional 27 women who came forward with allegations against Rose were 14 CBS News employees.
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| Les Moonves and Julie Chen |
With entertainment consumption habits changing quickly, Moonves launched the CBS All Access streaming service with a spinoff of The Good Wife and a revamped Star Trek series.
Moonves joined CBS in 1995 and remained there after Sumner Redstone acquired the company in 2000. He took the network from last to first place in the ratings with hits including Everybody Loves Raymond, Survivor and CSI: Crime Scene Investigation.
In 2006, when Viacom split its businesses into two publicly traded companies, Moonves was named president and CEO of the newly formed CBS Corp. He became chairman in 2016.
Moonves has a close-knit executive cadre working for him but he is known to demand great loyalty and he has made enemies along the way. When Howard Stern jumped from CBS Radio to Sirius Satellite, Moonves sued the shock jock for $500 million, prompting Stern to go on CBS’ own Late Show wearing an “I Hate Les Moonves” shirt.
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