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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
Guest
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!

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Former CBS Daytime On-Air Promo Director, Susan Banks, Joins the Writing Team of The Young and the Restless

There is a new writer in Genoa City with word today from former Executive Producer & Executive in Charge of Production, CBS and former CBS Daytime On-Air Promo Director, Susan Banks.

Banks, who most recently was an executive producer at TV One, is now back with a show that she knows and loves, The Young and the Restless.

In a message via her social media, Susan shared her first script on the number one daytime drama airs tomorrow.

Susan expressed in her announcement:  “I am so excited to announce that my first script for The Young and the Restless airs on Monday, March 1, 2021.  Writing for the show is a thrilling ride that challenges my creative juices every week.   Bill and Lee Bell are icons of the television industry whose love, mentorship and support I have always cherished. It is an honor to be a part of their soap family and the legacy that has continued for almost 48 years. What a delight to return home to work with the amazing cast and characters of one of the greatest, never-ending stories ever told.  The drama, rich with passion, intrigue, mystery and romance has captivated the hearts of many through the years.  I hope you, too, will share the magic and tune in to see my opening credit on my premiere episode. Who knows…you might even get hooked!  Thanks for your loving support…”

The latest addition to the writing staff, Susan was previously at CBS from 1993 to 2003 before exiting for other TV opportunities including her time with TV One in the mid 2000’s.

So, intrigued to know Banks, who has knowledge of the history of Y&R, is on board the scribe team? Share your thoughts in the comment section below.

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WATCH: Cast of Y&R Recite Maya Angelou’s ‘Equality’ in Honor of Black History Month & Women’s History Month

As Black History Month comes to a close and with Women’s History Month beginning next week, Sony Pictures Television has released a viral video featuring several of the cast of The Young and the Restless reciting the words of Maya Angelou’s important poem and work, Equality.

Participating in the video are Y&R cast members: Mishael Morgan (Amanda) Jason Thompson (Billy), Jordi Vilasuso (Rey), Bryton James (Devon), Michelle Stafford (Phyllis), Brytni Sarpy (Elena), Sean Dominic (Nate), Camryn Grimes (Mariah), Christian LeBlanc (Michael), and Christel Khalil (Lily).

Equality was first published in 1990 and was said to address how black women are seen and treated in the eyes of men, and calls for an end to gender and racial inequality.

Watch  and listen to the important words of Maya Angelou performed by the cast below.

Share your thoughts on the video the comment section.

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Emmanuel Acho Replaces Chris Harrison as Host of ‘The Bachelor’ Finale ‘After the Final Rose’ Special

Former NFL linebacker and Fox Sports analyst and host of the weekly web series Uncomfortable Conversations With a Black Man, Emmnauel Acho has gotten the nod to replace longtime ‘Bachelor’ franchise host, Chris Harrison, for this season’s ‘After the Final Rose’ special.

On Saturday, in an Instagram post confirming the news, Acho wrote, “I’ve accepted the Rose and am honored to be hosting the @bachelorabc After the Final Rose this year. It’s been a pivotal season, and this episode will hopefully be one of the most storied shows in TV history. Empathy is needed and change is coming. Share the news! I’ll see y’all then!”

Previously, Chris Harrison revealed that he was stepping aside from The Bachelor after he made controversial remarks to Rachel Lindsey during her interview with him on Extra.  At that time, Harrison and Lindsey, who was the first Black Bachelorette in the series history, were discussing current contestant Rachael Kirkconnell’s controversy, which included photos of her attending an antebellum-themed college party in 2018, and allegedly liking and sharing social media posts with the Confederate flag and Qanon conspiracies.  Harrison’s comments seemed to indicate he felt people were passing judgement on Kirkconnell on this time of ‘cancel culture’ in our society.  Those remarks inflamed viewers and Lindsey.  As Bachelor Nation knows this season featured Matt James as the first Black bachelor ever within the franchise.

As for Acho, he will anchor the After the Rose special airing on Monday, March 15, immediately following the season finale of The Bachelor. He will sit down with James as well as the three finalists Kirkconnell, Michelle Young and Bri Springs, which is said to include talon the past racist remarks made by Kirkconnell and Harrison’s exit for the special.

So, what do you think about ABC’s choice to replace Chris Harrison for the ‘After the Final Rose” special?  Has this whole season of ‘The Bachelor’ backfired when it should have been groundbreaking? Share your thoughts via the comment section below.

 

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A post shared by Emmanuel Acho (@emmanuelacho)

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