Saturday, July 28, 2018
CBS said Friday that independent members of its board of directors are investigating personal misconduct claims after reports that the company’s chief executive, Les Moonves, was the subject of an upcoming New Yorker story detailing sexual misconduct allegations.
The media company said it takes all allegations of personal misconduct seriously. It said the independent directors are “investigating claims that violate the company’s clear policies in that regard.”
CBS’s stock fell 6 percent – its worst one-day loss in nearly seven years – as the reports of the misconduct allegations began to circulate around noon Friday, triggering investor concerns Moonves might be forced to step down. The CBS chief has been a towering figure in television for decades, credited with turning around a network that had been mired for years at the bottom ratings.
The company did not mention Moonves by name but said it issued the statement in response to the upcoming New Yorker article. The Hollywood Reporter, citing unnamed sources, was the first to report that the New Yorker would publish an article detailing accusations against Moonves. The New Yorker did not immediately respond to inquiries about the report.
“Upon the conclusion of (the CBS board members’) investigation, which involves recently reported allegations that go back several decades, the board will promptly review the findings and take appropriate action,” the CBS statement said.
Mooves is the latest media giant to become embroiled in sexual-misconduct allegations.