CBS announced on Sunday that now-former CEO Les Moonves was out and the network would pay millions to #MeToo charities, but a look at the fine print shows he’s actually sticking around for a while, and CBS is footing the #MeToo bill.
According to an SEC filing, the high-powered Moonves will advise CBS for one year “in order to provide for a smooth transition of his duties.” CBS will provide Moonves with “office services” and security for up to two years.
The embattled Moonves resigned on Sunday after at least 12 women came forward to accuse him of sexual misconduct in a pair of New Yorker articles authored by Pulitzer Prize-winner Ronan Farrow. The second of Farrow’s bombshells was published on Sunday, hours before Moonves stepped down.
CBS will place $120 million in a grantor trust pending the result of an investigation into whether or not Moonves was terminated with cause. He will receive the money pending the outcome of the investigation.
CBS’ official press release noted that “Moonves and CBS will donate $20 million to one or more organizations that support the #MeToo movement and equality for women in the workplace,” but The Daily Mail pointed out that a line in the SEC filing contradicts the talking point and it now appears CBS will foot the bill. – READ MORE
CBS Chief Executive Les Moonves has resigned after at least 12 women came forward to accuse him of sexual misconduct in a pair of New Yorker articles authored by Pulitzer Prize winner Ronan Farrow.
In a statement released Sunday evening, CBS said that Moonves would depart his position as chairman, president and CEO “effective immediately.” COO Joseph Ianniello was announced as president and acting CEO “while the Board conducts a search for a permanent successor.”
The network also announced that it and Moonves would donate $20 million to organizations that support “that support the #MeToo movement and equality for women in the workplace.” The $20 million would come out of any compensation Moonves is due to receive following the conclusion of an ongoing investigation into the allegations against him.
Moonves’ future at CBS came into question in July, when Farrow published an expose in the New Yorker detailing allegations from six women. This week, multiple news outlets reported that Moonves was negotiating a possible exit with independent directors of CBS’ board.- READ MORE