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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!

News

Mishael Morgan Reveals Why She’s Taken ‘A Bit of a Step Back’ From Y&R and Gone on Recurring Status

This past June, we all celebrated the groundbreaking victory of The Young and the Restless‘ Mishael Morgan (Amanda Sinclair) as the first Black actress to ever win in the Lead Actress in a Drama Series category during the 49th annual Daytime Emmy Awards.

In the months that followed, Mishael has not been seen as much on the top-rated CBS daytime drama, plus when fans noticed she was no longer in the opening main credits, it got them wondering just what is Morgan’s status with the show.

Finally today, via video on her Instagram story, Mishael shared some news after finishing her day of taping in Genoa City.

The Emmy-winner revealed she has indeed gone on recurring status with the show: “I just wrapped my last scenes back at Y&R, and I just wanted to let the cat out of the bag a little bit.  A lot of people have noticed that my name is not on the main credits anymore, and I wanted everybody to know that it was my decision.  I decided, actually, back in December, that I wanted to take a bit of a step back from the show.  I just felt like at this point in my life and this point in my career, I wanted to mix things up a little bit. But Y&R will always be home. I have so appreciated this safe place to land that they have given me, so I know that I can be back. They are like family to me, and coming back just reminds me of that.”

Morgan also thanked the loyal viewers and her followers expressing, “I’m so appreciative of you guys, and all the fans who have supported me along this Y&R journey. But I’m still on it, I’m still going to be recurring, so you’ll still catch me in Genoa City.”

The talented star ended with a tease of projects and roles to come, telling her fans to, “Keep looking out for new things.”

So will you miss not seeing Mishael as much on Y&R?  Are you exciting to see what roles and projects she gets involved with next? Are you glad she is still recurring with the show and will continue to make appearances in stories? Comment below.

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News

The Young and the Restless Announces Showcast For 50th Anniversary Season

As Y&R gets ready to officially kick-off their 50th anniversary season, beginning tomorrow on September 30th, the CBS soap opera will be serving up audio-only episodes in a showcast, and go live on weekdays via podcast platforms everywhere.

Harkening back to the golden age of soap opera which began on radio, The Young and the Restless, will offer up a modern take on the audio soap, making it the first and only network soap opera to do so.  This way fans can listen in to the drama anytime anywhere.

Courtesy/CBS

In a statement to Deadline, Steve Raizes, EVP of podcasting and audio for Paramount, shared: “We are thrilled to be launching The Young and the Restless as a showcast. As we continue to expand our podcast offerings, we find shows that share a deeply passionate fanbase translate well into the audio space.  We’ve seen significant success with this strategy with The Late Show Pod Show with Stephen Colbert and The Daily Show: Ears Edition and expect similar results with The Young and the Restless.”

So, will you be checking out Y&R’s audi0-only episode showcast? Comment below.

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General Hospital

GH’s Nancy Lee Grahn Shares Excerpt From Her Upcoming Memoir

In celebration of beginning her 27th year as Alexis Davis on General Hospital, two-time Daytime Emmy-winner, Nancy Lee Grahn, decided to mark the occasion by revealing to her longtime fans an excerpt from her upcoming memoir due out in 2023.

Taking to her official Facebook page, Nancy shared the excerpt starting with contained some of the back-history of her soap opera alter-ego : “I play the role of Alexis Davis. I am a public defender, prosecutor, personnel injury, civil, malpractice, tax and family attorney. I am the bastard child of Mikos Cassadine who died after being thrown into his own weather machine which he designed to freeze the world. My mother, Kristen Bergman was a famous opera singer whose throat was slit by my father’s wife, Helena. Unhappy with the turn of events, I hurled my frail 75 year old stepmother off a five hundred foot parapet slamming her onto jagged rock only for her to walk away unscathed. Even more determined, I shoved her off a thousand foot cliff into the frigid subzero ocean. Helena not only survived unscathed, she apparently scaled 1000 feet up the cliff and continued to wreak havoc on Port Charles.”

Nancy closed the excerpt with some special acknowledgements: “Always so grateful to have an ongoing contract, my own parking space and people I’ve never met who come up to me regularly and tell me how much younger I look in person. It’s a gift that I have been able to and still get to do what I love to do for such a gloriously long time. I love my job the most because it is the job that gave me the security I needed to greenlight Kate as a single mother, raise her while being able to give her the things I dreamed of giving her, put her through school all the way through college, and will hopefully allow me to spoil my grandchildren. The enormous love & gratitude I have for ABC and Disney for allowing me the privilege of working for them is immeasurable. But the real truth is without the support from all of you, this day would not be what it is. As always, I see you and thank you.”

Make sure to read the entire excerpt.  Now let us know, are you looking forward to what Nancy will share in her upcoming memoir? Share your thoughts in the comment section.

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GH’s Nicholas Alexander Chavez (Spencer) talks with Michael Fairman immediately following his Daytime Emmy win for Outstanding Younger Performer in Drama Series. Leave A Comment
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