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Les Moonves Named CBS Chairman Replacing Ailing Sumner Redstone

Photo Credit: Kathy Hutchins

Photo Credit: Kathy Hutchins

On Wednesday, developments behind the scenes at CBS began to take shape when it was announced that ailing 92-year-old CBS Corporation chairman Sumner Redstone was stepping down from this position due to health concerns.  His replacement is CBS Chief executive, Les Moonves, who will assume the role of chairman.

According to the New York Times: “a lawsuit challenging Mr. Redstone’s mental competance raised questions among analysts and investors about whether Mr. Redstone should continue as executive chairman of CBS and Viacom. Mr. Redstone controls about 80 percent of the voting stock in the two companies.”

The shift at CBS came after Mr. Redstone sent a letter Tuesday to Mr. Moonves and CBS directors announcing his resignation, according to one person briefed on the developments who requested anonymity because they were private.

The board subsequently met Wednesday and first offered the chairman position to Mr. Redstone’s daughter, Shari. Ms. Redstone, who now is vice chairwoman of CBS and Viacom, declined and nominated Mr. Moonves for chairman of CBS corporation.. The board voted unanimously for the appointment.

“I have been fortunate to work with Les and he has clearly established himself as a creative and effective leader who understands both the challenges and the opportunities that are shaping today’s media landscape,” Ms. Redstone said in a statement. “I am sure he will make a great chair and I look forward to working with him for many years to come.”

Mr. Moonves, one of the most highly regarded TV executives, has been president and chief executive of CBS since 2006. He will continue in those positions.  “I want to thank  Sumner for his guidance and strong support over all these years,” Mr. Moonves said in a statement.

Mr. Redstone controls the voting stock in Viacom and CBS through his private holding company, National Amusements. If Mr. Redstone dies or is found to be incapacitated, his stake in National Amusements is to be held by a trust. Voting control will go to seven trustees. Those trustees include Ms. Redstone and Philippe P. Dauman, chief executive of Viacom.

In a separate statement, Ms. Redstone confirmed that the terms of her father’s trust state that she succeed him as nonexecutive chairwoman at both CBS and Viacom.  Separately, Ms. Redstone had made a deal with Mr. Moonves for him to take on the chairmanship at CBS, according to people briefed on the discussions.

Moonves is one of the nation’s highest paid executives. He saw $57.2 million in compensation in 2014, CBS reported in its proxy. His packages averaged $62.8 million a year in the five years that ended in 2014.  In late 2014, the company extended Moonves’ contract by two years to mid-2019. The agreement included incentives to keep him on board as a “Senior Advisor and/or Producer” for an additional five years after the term ended.

The new CBS chairman is married to The Talk and Big Brother host, Julie Chen.

So, what do you think about Les Moonves position with CBS? With this shift in power at the corporation of CBS, Moonves becomes even more powerful within the industry and more.

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JustSaying
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JustSaying

Corporate politics as I see it.

su0000
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su0000

Without Corporate politics we wouldn’t have Y&R..
It’s the way the game is played, and looks like CBS knows how to play it..

elm51
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elm51

80% of the voting block for viacom & cbs – now that is powerful!

Mary SF
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Mary SF

One of the reasons networks do not have the budget for daytime is because they are paying these over the top salaries to their executives– I”m sorry unless you can cough up golden eggs or your tears are diamonds I just don’t see how one person warrants the kind of money corporations shell out to the few people on the top of their food chain

Jim Preston
Guest
Jim Preston

Here Here I completely and wholeheartedly agree ~

4ever DAYS
Guest
4ever DAYS

That’s why the soaps die, Mary. A small fraction less pay to the big shots would be enough for the soaps to live long after all of us are dead and gone!

He and the rest of them should choke on their filet mignon!!!

Brett
Guest
Brett

Looks like The Talk is safe anyway, sigh……

4ever DAYS
Guest
4ever DAYS

Hey Y&R and B&B viewers, that’s the man who killed GL and ATWT in favor of ‘Let’s Make a Deal’ and his wife’s ‘The Talk.’

Keep watching those replacement shows and soon there will be no more Y&R or B&B.

The head honchos want more money and killing the soaps do the trick unless the alternative programs crumble!

JANET
Guest
JANET

I agree. I lost GL and ATWT so no matter what That is one channel I avoid. I wouldn’t watch the view if it was the only show on all of TV. Plus paying him all that money means the fans can’t have what they want. PBS does the same over pays the top women in their case, so they can cry We need sponser’s. When hell freezes over and the devil wears ice skates.

jaybird369
Guest
jaybird369

4ever DAYS…as far as I’m concerned, the ‘head honchos’ on A-L-L 3 of the networks (ABC, CBS and NBC) don’t care about us soap viewers…or what we want!!!!! I feel that they only care about their own $$$ pockets. BEYOND SAD AND EVEN MORE DISGUSTING!!!!!

Lauren
Guest
Lauren

Wow, what an inflated salary! I agree w/other comments in feeling that NOBODY deserves that type of salary when the network is floundering on money for the programs. Hopefully he gets rid of Jill! Faren Phillips and Angela McDonald!

News

Ted King and Naomi Matsuda Join The Bold and the Beautiful

Soap fans are very familiar with the work of Ted King (Ex-General Hospital, The City, Loving, Another World and One Life to Live) as well as Naomi Matsuda (Ex-Tori, Days of our Lives).

Now the talented actors will pair up as they come to The Bold and the Beautiful to play Finn (Tanner Novlan) parents, and they arrive just in time set to be grandparents to Steffy (Jacqueline MacInnes Wood) and Finn’s upcoming new addition, their baby.

According to EW.com that broke the casting news, that when Jack (King) and Li (Matsuda) come to town,’viewers will soon learn about Finn’s very dramatic backstory’

Ted and Naomi began taping on June 9th and will first air as follows: King arrives on July 30th, while Naomi’s first B&B airdate will be on August 2nd.

Now the question becomes, just what is Finn’s familial back-story? Stay tuned.

So, happy to know that you will see Ted King and Naomi Matsuda back on your screens again? Comment below.

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General Hospital

B&B’s Heather Tom Throws Lead Actress Nominee Luncheon

This year, saw the return of the annual ladies lunch were as is tradition, last year’s winner of the Daytime Emmy for Outstanding Lead Actress in a Drama Series, throws a luncheon for this year’s nominees.

The reigning women’s champ, now six-time Daytime Emmy winner, Heather Tom (Katie) got this year’s nominees in the category together for a celebration which included: General Hospital’s Genie Francis (Laura), Finola Hughes (Anna), and Nancy Lee Grahn (Alexis), along with B&B’s Jacqueline MacInnes Wood (Steffy) and Y&R’s Melissa Claire Egan (Chelsea).

Photo: HutchinsPhoto

On Friday, both Francis and Grahn shared pics from the event on their social media accounts.  You can check them out below.

Then, take our poll below: Which actress do you hope takes home the gold next Friday night on the 48th annual Daytime Emmy Awards on CBS? Let us know via the comment section, as well.

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News

B&B’s Jacqueline MacInnes Wood Talks Motherhood, Steffy’s Opioid Addiction and Love Life on ‘Home & Family’

Daytime Emmy Award winner and a nominee again this year for Outstanding Lead Actress in a Daytime Drama Series, The Bold and the Beautiful’s Jacqueline MacInnes Wood (Steffy Forrester) chatted with Home & Family.

During her segment, Jacqui discussed becoming a mom again for the second time and welcoming her new son, Lenix, and balancing raising two boys with playing the day to day perils of Steffy Forrester.

As soap fans know, last year’s storyline where Steffy became addicted to painkillers provided her with meaty material which landed her as one of the frontrunners for next week’s 48th annual Daytime Emmy Awards to air on Friday night, June 25th on CBS.

MacInnes Wood became emotional when telling how Steffy’s addiction intervention helped others, relating: “I was flooded with all of these messages, and this one woman reached out to me and she said her son… it still gets me emotional … but her son was addicted and that intervention was the same thing with her family, and it touched me in such a way and she said luckily that he is sober now.”

Jacqui also talked about Steffy’s on-screen love life …. and her real-life love and husband, Elan Ruspoli.

You can watch the full interview segment here.

So, what do you think of Jacqueline raising a new baby boy, being a mom to the other, while playing Steffy’s emotional storylines? Comment below.

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GH’s Kelly Thiebaud (Britt) chats with Michael Fairman about Britt being on the run with Jason, their burgeoning romance, working with Steve Burton and her other co-star and Britt’s diagnosis of Huntington’s Disease. .Leave A Comment

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