Economy

CBS offers Moonves $100M in settlement talks

CBS offers Moonves $100M in settlement talks”

Moonves has denied the allegations against him.

The board is reportedly offering Moonves quite a hefty sum (close to the tune of $100 million), but the CEO has continued to reject their offer in hopes of cashing in on a higher payday. Some reports have speculated that Moonves could walk away with a severance package worth more than $100 million.

In July, The New Yorker published an article in which six women who had worked with Moonves between the 1980s and late 2000s alleged they had been sexually harassed by the media executive.

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.

The Journal also reports that the independent directors are seeking an assurance that CBS parent National Amusements won't seek to combine CBS with sibling company Viacom, something Moonves has long resisted. Plus, Moonves swore that he never misused his position "to harm or hinder anyone's career", and isn't that pinky-swear promise enough to merit an additional $80 million? Moonves opposed the deal.

"This is a time when we all are appropriately focused on how we help improve our society, and we at CBS are committed to being part of the solution". His compensation reflects his value to the company: The New Yorker reports that he earned almost $70,000,000 a year ago, making him one of the highest-paid executives in the world.

CBS declined to comment to CNBC and did not immediately respond to a request for comment from Business Insider.

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



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