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‘CBS could go on the block’
Posted on Tuesday, 09 October 2018 09:54
US mass media player CBS may go up for sale once a probe into former chief executive Leslie Moonves reaches its conclusion, according to a journalist from Fox. Charles Gasparino tweeted that the firm could soon begin testing the waters and looking for a prospective acquiror. At this point, no potential buyers have been named and no timescale for the possible deal has been revealed. CBS has thus far declined to comment on the matter. Moonves stepped down from the company last month, after a New Yorker report stated that six women have alleged that the executive sexually harassed them, amidst wider claims that the company’s overall culture was designed to tolerate sexual misconduct. An independent investigation is currently being carried out and Moonves will not receive any of his exit compensation unless he is cleared of any wrongdoing. In addition, the company has agreed to donate USD 20.00 million to the #MeToo movement, set up in the wake of multiple allegations of sexual misconduct against film mogul Harvey Weinstein, with the amount to be deducted from any severance payments the former chief executive is due. Gasparino’s tweet also suggested that CBS’s board is planning to search for a new replacement for Moonves, despite members considering Joe Ianniello, currently serving as interim ceo, a leading candidate for the role. CBS has existed in its current form since January 2006, when Viacom separated itself into two separate listed entities, known as Viacom and CBS. The company is now active throughout the media and entertainment sector, including in cable, publishing, television, film and interactive media. According to its website, it owns the US’s most-watched television network. CBS posted revenue of USD 7.23 billion for the six months to 30th June 2018, up from USD 6.60 billion over the same period of 2017. © Zephus Ltd