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Entertainment Media/Telecom

CBS Board in Talks With Les Moonves to Exit

The CBS board is in settlement talks with CEO Les Moonves about his leaving the company, according to CNBC, citing anonymous sources. According to the settlement talks, CBS Chief Operating Officer Joe Ianniello, would serve as an interim replacement.

These settlement talks are happening as CBS also is in talks the Redstone family’s National Amusements to settle  the company’s lawsuit over control of the New York-based broadcaster. As reported yesterday, under those settlement talks, the Redstones will agree not to push CBS to merge with its other media company, Viacom, in exchange for dropping the lawsuit.

While both settlements would remove some uncertainty around CBS, it will also open up another round of speculation over the company’s future. While there have been reports of possible acquirers such as Verizon and AT&T, it is unclear if those companies are still interested. Also it is unclear that Shari Redstone would allow for a sale of just CBS, leaving her with just Viacom, which is the weaker-performing asset.

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