Connect with us

News

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.”

READ MORE
Emmy Winner and Noted Soap Opera Head Writer; Hogan Sheffer Passes Away At 61

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.

READ MORE
DAYS Kate Mansi Talks 'Chad & Abby in Paris' With KTLA Morning News

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.

Click to comment
Advertisement

Leave a Reply

avatar
JustSaying
JustSaying

Corporate politics as I see it.

su0000
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
elm51

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

Mary SF
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
Jim Preston

Here Here I completely and wholeheartedly agree ~

4ever DAYS
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
Brett

Looks like The Talk is safe anyway, sigh……

4ever DAYS
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
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
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
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!

Breaking News

Holiday Joy! Jane Elliot Returns To General Hospital As Tracy Quartermaine

Fantastic news General Hospital fans! Daytime Emmy winner and longtime fan favorite, Jane Elliot is reprising her signature soap role as Tracy Quartermaine just in time for the holidays.

According to EW.com who broke the news, Eliot will make her appearances beginning in December, when Tracy comes home to Port Charles, and is embroiled in the ELQ family business.

Elliot’s last episode on GH aired May 4, 2017 when Jane made the decision to  to exit.

Her character left Port Charles by telling her family she was ready to have her own life, away from the shadow of her father. A later episode revealed that Tracy settled in Amsterdam after meeting up with Luke (Tony Geary).

Jane began playing the role of Tracy back in 1978.

So excited to hear Tracy Q will be home for a visit and to stir up some trouble? Comment below.

READ MORE
Brad Maule Reprising His Role As Dr. Tony Jones On General Hospital
Continue Reading

Days Of Our Lives

Days of our Lives Renewed Says EP Ken Corday

There was breaking news from the set on Thursday at Days of our Lives.  According to Deadline, the series executive producer, Ken Corday announced to the cast that the show will continue on.  It appears the 54-year-old daytime drama series received a one-year pick-up.

The article cites that when reached for comment, NBC who airs the show, and SONY TV the show’s distributor had “no comment”. However their sources reveal that a deal is being close to being completed and “looking good”.

This comes as welcome news to longtime and new fans of the series, who were concerned for its cancellation after a story ran over the last ten days that the cast was let-go from their contracts.

Under head writer Ron Carlivati, the soap just launched its innovative daytime drama time-jump on November 8th where all the characters lives were fast-forwarded a year.

So, excited to hear that Salem and Days of our Lives will live on? Comment below.

READ MORE
Brad Maule Reprising His Role As Dr. Tony Jones On General Hospital
Continue Reading

News

One Life’s David A. Gregory Gets Engaged; New Film ‘Dirty Sexy Saint’ To Drop Dec 8

Congratulations are in order to former One Life to Live star, David A. Gregory (Ex-Ford) and his longtime girlfriend, Jennifer Noble. The two finally got engaged.

It seems the engagement happened during a hike, where David joked:  “Almost passed out on this hike,” with a photo from the Bump N Grind Hiking Trail in Palm Desert, California, as the two showed of their rings from his Instagram account.

In addition, fans of David’s can see him in his new passionflix movie, Dirty Sexy Saint co-starring Jordan Lane Price (Ex-Celia Fitzgerald, All My Children) which premieres on December 8th. Check out that teaser below.

Share your congrats for David and Jennifer via the comment section below!

 

 

View this post on Instagram

 

Almost passed out on this hike. 💍❤️ #engaged #yesimwearingaring #mybeyonce #wcw

A post shared by David A. Gregory (@davidagreg) on

READ MORE
'Brooklyn Nine-Nine' and OLTL Alums Melissa and David Fumero Expecting Second Child
Continue Reading
Advertisement
Advertisement

Video du Jour

DAYS Eric Martsolf and Stacy Haiduk chat with Michael Fairman at Day of Days 2019; during their conversation the on-screen dup talk about the latest developments of Brady and Kristen within the series time-jump and more. Leave A Comment

The Michael Channel

Recent Comments

  • Lisa Lau: “OMG!!!Thank you for the early Christmas present!! Love, Love Jane Elliot!!!
  • Satan: “Well, the obvious answer to your question is that most football games are on the weekend, and even the Monday…
  • Satan: “You mean something like...... C-SPAN??
  • Satan: “I'm not Chuck Schumer's biggest fan, but how is he to blame for hearings taking place in the House of…
  • Satan: “No thanks! Hell doesn't want him!
Advertisement

Power Performance

Ryan Carnes as Lucas Jones

General Hospital

Airdate: 11-8-2019 –

Advertisement

Popular