CBS board in $100 million exit negotiations with CEO Moonves

Shari Redstone
		Rob Latour  Shutterstock

The 68-year-old executive is reportedly due almost $180 million in severance and a production deal under his current contract. The board wants to be able to offer less if it's found out that the sexual harassment allegations against him are true.

These discussions are occurring as the company and its controlling shareholder Shari Redstone and National Amusements Inc are also hammering out a settlement to a legal dispute over the control of CBS.

"This is a precedent-setting moment for CBS-and culture at large", time's Up spokesperson wrote in a statement Thursday.

CBS CBS 's board is in settlement talks with CEO Leslie Moonves that would result in his departure from the company and the appointment of COO Joe Ianniello as the interim CEO, according to people close to the negotiations.

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CBS Corporation shares were trading at $54.77 per share on Thursday afternoon, up $1.82 (+3.44%).

The New Yorker reported that Moonves denied "any characterization of 'sexual assault, ' intimidation, or retaliatory action". Moonves is "entirely recused" from the investigation, the statement from the board said.

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

A former actor, Moonves went on to become one of the most powerful men in the industry after resuscitating CBS.

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Moonves received a total compensation of $69.33 million in 2017, making him one of the highest paid US executive.

CBS and Moonves are reportedly planning for the CEO's exit from the company he led for years-a company that loved him until he was accused of habitual sexual misconduct in an investigative report published by the New Yorker in August.

"He had earlier said he "may have made some women uncomfortable by making advances", which he called mistakes that he regretted immensely, but that he understood "'no" means "no"' and had never used his position to harm anyone's career.

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