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CBS Board to Launch Moonves Investigation

Jul 30, 2018  •  Post A Comment

The Board of Directors of CBS Corp. issued a statement today indicating it is in the process of selecting outside counsel to conduct an independent investigation. The entire statement can be seen below.

The statement does not mention CBS Corp. Chairman and CEO Leslie Moonves by name, but it is clear the action is being taken in response to allegations against Moonves, which we reported separately.

Other than moving toward an independent investigation, the statement notes: “No other action was taken on this matter at today’s board meeting.”

The brief statement also reports that the board approved a quarterly dividend on the company’s stock of $.18 per share.

Earlier in the day it had been reported that Moonves was considering stepping aside from his duties with the company while an investigation took place.

Here’s the CBS statement in full, released under the headline “Report From CBS Corporation’s Regularly Scheduled Board Meeting”:

“CBS Corporation (NYSE: CBS.A and CBS) announced today that its Board of Directors is in the process of selecting outside counsel to conduct an independent investigation. No other action was taken on this matter at today’s board meeting.

“Additionally, the Board determined to postpone CBS Corporation’s 2018 annual meeting of stockholders that was previously scheduled to be held on August 10, 2018. The Board will determine a new record date for the 2018 annual meeting of stockholders and will publicly disclose the new date, time and location.

“At the same time, the Board approved a quarterly dividend on the Company’s stock of $.18 per share. The dividend is payable on Oct. 1, 2018, to shareholders of record on Sept. 10, 2018.”

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