CBS faces uncertain future amid Moonves inquiry

By Associated Press

NEW YORK (AP) — The Latest on CBS CEO Les Moonves facing sexual harassment allegations (all times local):

1:50 p.m.

CBS faces major challenges if CEO Les Moonves is sidelined while the CBS board investigates sexual harassment allegations against him.

If Moonves is suspended or departs altogether, CBS will face a serious power vacuum at a time of rapid change roiling the industry. According to multiple reports, the CBS board is meeting today to consider the matter along with other details related to the investigation.

Moonves, who has run the current CBS since 2006, has steered the company aggressively into the streaming arena. He has also been waging a battle for independence with mogul Shari Redstone, who wants to combine CBS with its sibling company Viacom.

A New Yorker article Friday reported that six women are accusing Moonves of sexual harassment.

12:30 p.m.

Shares of CBS Corp. are falling on multiple reports that the CBS board is meeting to decide the fate of CEO Les Moonves as the company investigates sexual harassment claims against him.

The stock is down $2.44, or roughly 4.5 percent, to $51.56.

The claims, that Moonves harassed six women over decades, surfaced Friday in a report from the New Yorker. The CBS chief has been a prominent figure in television for decades, credited with turning around a network that had been mired for years at the ratings bottom.

Among other things, Moonves has had a knack for picking hit shows like “Survivor” and “The Big Bang Theory.”

The drop in CBS shares follows a 6 percent decline on Friday when the report first surfaced.

This article provided by NewsEdge.