The Latest: Ousted CBS chief’s severance could be $120M

NEW YORK (AP) — The Latest on the ouster of one of the TV industry’s most powerful executives, Les Moonves, with allegations of sexual misconduct continuing to surface (all times local):

1:05 p.m.

CBS will pay ousted chief Les Moonves $120 million if its ongoing investigation fails to find any evidence of sexual misconduct.

Moonves, the television company’s longtime CEO, resigned on Sunday, just hours after fresh allegations came out in a New Yorker article. A dozen women have alleged mistreatment, including forced oral sex, groping and retaliation if they resisted him. CBS has hired two law firms to investigate the claims.

In a regulatory filing Monday, CBS says the company will put $120 million in a trust that will go back to the company if the charges are substantiated and the CBS board decides it has cause for termination. Moonves will receive the $120 million as severance if the investigation doesn’t substantiate the allegations.

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10:50 a.m.

Shares of CBS are down more than 3 percent in the first day of trading after the ouster of Les Moonves, the company’s chairman.

The CBS Corp., which has consistently been the most-watched network on television, declined $1.88 to $54.19 in morning trading Monday.

Moonves stepped down late Sunday following a story posted by The New Yorker that included a second round of ugly sexual misconduct accusations against the powerful television executive.

CBS chief operating officer, Joseph Ianniello, will take over for Moonves as president and CEO until the company’s board of directors can find a permanent replacement.

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7:50 a.m.

Shares of CBS are moving higher before the opening bell in what will be the first day of trading after the ouster of Les Moonves, the company’s chairman.

The CBS Corp., which has consistently been the most-watched network on television, climbed 93 cents to $56.99 in premarket trading Monday.

Moonves stepped down late Sunday following a story posted by The New Yorker that included a second round of ugly sexual misconduct accusations against the powerful television executive.

CBS chief operating officer, Joseph Ianniello, will take over for Moonves as president and CEO until the company’s board of directors can find a permanent replacement.

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7:10 a.m.

CBS is reshaping its board as it pursues an independent investigation into Les Moonves, its ousted board chairman, with additional allegations of sexual misconduct continuing to surface.

The investigation is being pursued by the high-profile law firms, Covington & Burling, and Debevoise & Plimpton, and they are being led by Mary Jo White, the former chairwoman of the U.S. Securities and Exchange Commission.

Five board members are leaving, including Leonard Goldberg, Charles Gifford, David Andelman, Doug Morris and Arnold Kopelson.

The company is adding six new board members: Barbara Byrne, Candace Beinecke, Brian Goldner, Richard Parsons, Susan Schuman and Strauss Zelnick.

The CBS Corp. announced Moonves’ exit late Sunday, hours after The New Yorker magazine posted a story with a second round of ugly accusations against its chairman. A total of 12 women have alleged mistreatment. Moonves denied the charges, although he says he had consensual relations with three of the women.

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