CBS CEO resigns, company settles Shari Redstone, NAI lawsuit
Chief Operating Officer Joe Ianiello will take over as interim CEO as the board searches for a replacement, according to the announcement. The settlements end years of uncertainty over the future of CBS and could potentially open the door future deals.
The announcement comes after six more women accused Moonves of sexual assault and harassment in a report published on Sunday in the New Yorker magazine.
In earlier court filings, NAI had dropped support for a deal before it was sued in May by CBS for control of the company. The settlement does not preclude other parties from suggesting a merger or bringing other potential transactions to the board, one source said.
Moonves, 68, who turned CBS from an aging radio and TV broadcaster into a provider of shows to digital platforms, was expected to reap an estimated $100 million in severance.
CBS said it and Moonves will donate $20 million of Moonves' severance to organizations supporting the #MeToo movement.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)