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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.”

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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.

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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
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!

News

Drew Barrymore Daytime Talk Show Pilot In The Works

This fall, new talkers from Tamron Hall and Kelly Clarkson will be part of the daytime television landscape, and now comes word that Drew Barrymore may enter the space with a new talk show for her that is in development with the pilot being shot this coming week.

According to Variety, details of the proposed one-hour show are not all clear, but Drew is said to be one of the executive producers of the pilot episode and yet there is no showrunner attached to the project at this time.  Barrymore’s company, Flower Films is likely attached as well.

Back in 2016, Barrymore had a deal in place with Warner Brothers Telepictures for a talk show, but that never came to pass, in part to a lukewarm response from TV station groups at that time.

However now the new regime at CBS’ syndication arm is said to have ‘high hopes’ for the show and they feel that Drew will appeal and do well in the daytime arena.

Barrymore recently appeared in her third season of  Netflix’s Santa Clarita Diet in its 30 episode season. Through her Flower Films she was been an executive producer on unscripted series including TLC’s Rattled and VH1’s Tough Love.

So, would you be interested. or intrigued to see what kind of show Drew Barrymore has to offer in daytime? Think she would be a good host? Share your thoughts via the comment section below.

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News

The Bold and the Beautiful Ratings Winner With Phoebe is Beth Reveal

Great news for The Bold and the Beautiful and their long-awaited payoff: that the little girl being raised by Steffy (Jacqueline MacInnes Wood) as “Phoebe” is really Liam (Scott Clifton) and Hope’s (Annika Noelle) daughter, Beth, who they believed had died in the long and twisty baby switch storyline.

B&B was the highest rated daytime television show in the key 25-54 womens demo and the first time in the 32-year-old history of the CBS sudser that it has been atop of that demo. That is not only among the network soaps but all series genres in daytime for the week of August 5-9 –  quite the feat.

During the ratings week, Liam figured out that Phoebe was Beth, and eventually after Thomas’ (Matt Atkinson) manipulations told Hope the truth.

Photo: JPI

All this goes to show that as frustrated as viewers get wanting the truth to come out in a story they follow; when it finally does, they are along for the ride. Something B&B executive producer and head writer, Brad Bell does exceptionally well with big umbrella storylines that hold major ramifications for many on the canvas.

Congrats to Brad and the B&B team!

So, what do you think of BOLD’s performance in the ratings for the big week in story? Comment below

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General Hospital

Kelly Monaco Addresses Billy Miller’s Departure From GH

In a post via her twitter account, General Hospital’s Kelly Monaco (Sam) shared her heartbreak on her longtime scene partner, Billy Miller’s (Drew) exit from the ABC daytime drama series.  This was the first time that Kelly addressed the situation in a public forum.

Miller came on to GH back in 2014 as Jason Morgan, following the departure of Steve Burton, who then wound up on Y&R.  When Burton returned to GH in 2017, Miller’s part was then turned-in-to, Jason’s twin, Drew Cain.

Through a great portion of Miller’s run on GH, he was paired romantically on -screen with Monaco and the duo were, and have remained, one of the most popular duo’s in daytime.

Monaco expressed the following in her message: “I feel like I have to address this situation. #BillyMiller ‘s untimely departure from #gh. Honestly, I can not come up with the words to describe how I feel about this decision… a decision that may not be what our audience thinks to be true. I’m heartbroken… more to come.”

Share your thoughts on Kelly’s message via the comment section below.

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GH icon Genie Francis chats with Michael Fairman about her return to the soap as Laura after being taken off-contract earlier this year. Leave A Comment

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  • Violet Lemm2: “Satan Thanks for your very precise explanation.Separating these three has made me nuts. Reminds me of the old shell game.I…
  • davlestev1: “And as for the lukewarm executive response to rebooting One Life and AMC, even ABC knows the train wreck GH…
  • davlestev1: “Spot on assessment of TPTB, namely the writers, not knowing how to write character or proper story. Why don't we…
  • nancy dillingham: “Amen, Sally!
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Scott Clifton as Liam

The Bold and the Beautiful

Airdate: 7-31-2019

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