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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
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

ABC Officially Picks Up ‘Roseanne’ Spinoff, ‘The Conners’ With No Roseanne Barr Participation

Word on late Thursday afternoon is that ABC has now officially moved forward and gave a pick-up to the Roseanne spinoff series, The Conners.   

As viewers know, there had been speculation that the series would revolve around Sara Gilbert’s character of Darlene, but now the other concept with the entire family in the title is the direction the new series will go (although it is said to be the “working title” of the series.)

The Conners received a ten episode order and will make the fall TV schedule, and will reside on Tuesday night’s on ABC at 8PM.

Roseanne Barr’s controversial tweets led to the network’s swift decision to cancel her series.

In the new deal, Barr will have no financial or creative involvement in The Conners after reaching a settlement with series producer, Tom Werner.

The Conners will feature the rest of the Roseanne core cast including: John Goodman, Laurie Metcalf, Sara Gilbert, Lecy Goranson, and Michael Fishman.

According to Deadline:  It is unclear how exactly Barr’s character will be written off but ABC describes it as “a sudden turn of events.”  On the new show, after a sudden turn of events, the Conners are forced to face the daily struggles of life in Lanford in a way they never have before. This iconic family – Dan, Jackie, Darlene, Becky and D.J. – grapples with parenthood, dating, an unexpected pregnancy, financial pressures, aging and in-laws in working-class America. Through it all, the fights, the coupon cutting, the hand-me-downs, the breakdowns – with love, humor and perseverance, the family prevails.

In a statement ABC commented: “The Conners’ stories demonstrate that families can always find common ground through conversation, laughter and love. The spinoff will continue to portray contemporary issues that are as relevant today as they were 30 years ago.”

A major turning point to greenlight the series came when the fact that the new series does not feature Barr’s character Roseanne Conner, which rights to which she is said to maintain, paved the way for an agreement with no Barr.

So, glad to hear The Conners will continue sans Roseanne? Comment below.

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Breaking News

Eva Longoria Gives Birth To Baby Boy!

Wonderful news for Eva Longoria and her husband Jose “Pepe” Baston.  The duo welcomed into the world their new son on Tuesday named, Santiago Enrique Baston.

The little man he was born at Cedars-Sinai Medical Center in Los Angeles.  Santiago weighed in at 6 pounds and 13 ounces at birth.

“We are so grateful for this blessing,” Longoria said HOLA! USA, who has exclusive pics of new mom and her son.

This is Longoria’s first child.  Baston has four other children from a previous message.

As many know, the former The Young and the Restless, Desperate Housewives, EP of Devious Maids, and star and creator of the comedy sitcom Telenovela, and the soon to be seen EP of Grand Hotel, married Baston back on May 21, 2016, and announced that they were expecting their first child together in December of last year.

Share your congrats and well-wishes in the comment section below for Eva, Jose, and Santiago,

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Breaking News

B&B Picks Up Its 13th Golden Nymph Award At 58th Monte Carlo Television Festival

In ceremonies held this evening in Monte Carlo, Monaco, The Bold and the Beautiful was once again the recipient of the Golden Nymph Award for its victory in the ‘International TV Audience Award in the Telenovela/Soap Opera category.’

This marks the 13th consecutive time B&B has received this honor at the Monte Carlo Television Festival.

On hand from the series for the 58th annual awards ceremonies were long-running series star, Katherine Kelly Lang (Brooke) and Thorsten Kaye (Ridge).

Immediately following Bold’s win, Katherine and Thorsten struck a pose for the paparazzi on hand.

In a post on her Instagram standing next to Princess Charlene and Kaye, Lang related: “Every year we come it never disappoints. Thank you to Prince Albert and Princess Charlene for an amazing week in Monaco! It is always an honor to be here!”

Share your congrats for the most-watched and well-known soap around the globe, The Bold and the Beautiful, via the comment section below.

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This week, Nick lost temporary custody of Christian leading to a defiant and emotional turn by Joshua Morrow (Nick) as he has to say farewell to the little boy he has come to love as his own son, and give him to his father, Victor, who wanted and was granted custody of the child. Watch the hankie-inducing moment! Leave A Comment

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