CBS sets aside $120M for Moonves, but will he see it?
Published 10:57 pm Monday, September 10, 2018
NEW YORK — CBS revealed Monday that it set aside $120 million in severance for ousted chief executive Leslie Moonves. But whether he sees a penny of it is one of the tough and potentially incendiary decisions the network faces after his resignation over sexual misconduct accusations.
Despite Moonves’ announced exit Sunday, outside lawyers hired by CBS continue to investigate allegations against him and Jeff Fager, the top executive at “60 Minutes.” In a regulatory filing with the Securities and Exchange Commission, CBS said it will release the severance money if the investigation finds there was no cause for him to be fired.
Any payment to Moonves is likely to anger the #MeToo movement that has brought down other powerful men in Hollywood and the media, including Hollywood studio boss Harvey Weinstein, NBC’s Matt Lauer and CBS’ Charlie Rose.
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Meanwhile, Moonves’ wife, Julie Chen, did not appear Monday on the season-opening episode of her daytime show, “The Talk,” and co-host Sharon Osbourne said on the air that “everyone here at CBS is nervous about their jobs.” CBS’ stock price slid.
As head of television’s most popular network, Moonves was among the most powerful and richest executives in the TV industry, making a total of nearly $140 million over the last two years.