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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

Jussie Smollett Cut From Rest Of Season Of EMPIRE; Tells Cast He’s Innocent Of Charges

Following the turn of events for Jussie Smollett (Jamal Lyon, Empire) where he was arrested and charged on multiple felony counts and then posted bail, the producers of Fox’s sudsy primetime drama have decided to pull him from the remaining two episodes of the season.

“The events of the past few weeks have been incredibly emotional for all of us,” executive producers Lee Daniels, Danny Strong, Brett Mahoney, Brian Grazer, Sanaa Hamri, Francie Calfo, and Dennis Hammer said in a statement this morning following the legal fallout for Jussie Smollett and his arrest stemming from an alleged hate crime reported on January 29th that he staged on himself.

The producers went on to say: “Jussie has been an important member of our Empire family for the past five years and we care about him deeply. While these allegations are very disturbing, we are placing our trust in the legal system as the process plays out. We are also aware of the effects of this process on the cast and crew members who work on our show and to avoid further disruption on set, we have decided to remove the role of ‘Jamal’ from the final two episodes of the season.”

This happened even after Smollett returned to work on Thursday, and even after the actor/singer reportedly apologized to the cast and crew of Empire for any embarrassment the recent allegations may have caused, but at the same time, sources reported, that he maintained that he was innocent,

According to CNN: “The person at the meeting said they were shocked and dismayed that Smollett stuck to his story of innocence. For the most part, the source said, Smollett paraphrased what was in the statement that his attorney put out that afternoon, blaming the legal system and the media for his woes.”

So, what do you think of the Empire producers decision to cut Smollett from the last two shows of the season? What do you think of Jussie still maintaining his innocence to the cast? Comment below.

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Breaking News

‘Empire’ Star Jussie Smollett Turns Himself In After Being Charged With Allegedly Filing False Police Report & Facing Criminal Charges

In major developments in the last several hours, Jussie Smollett (Jamal Lyon, Empire) turned himself in to Chicago police early Thursday morning, just hours after he was charged with disorderly conduct for allegedly staging a racist and homophobic attack against himself late in January on the streets in Chicago.

In a press conference currently being conducted by the CPD supervisor, Eddie Johnson and Commander Edward Wodnick, they revealed that Smollett turned himself in quietly and without issue.   In addition, the Chicago PD are outlining the events and timeline that led to Smollett’s arrest.

Smollett turned himself in at the Central District police station in Chicago at 5 a.m., police reported.  Thursday morning, Smollett was scheduled to appear for a bail hearing Thursday at 1:30pm central time on a felony charge of a class 4 disorderly conduct, and with that charge Smollett could face up to 1.5 years in prison.

Jussie’s attorney’s released the following statement on Wednesday night after Smollett was charged by the Chicago PD: “Like any other citizen, Mr. Smollett enjoys the presumption of innocence, particularly when there has been an investigation like this one where information, both true and false, has been repeatedly leaked. Given these circumstances, we intend to conduct a thorough investigation and to mount an aggressive defense.”

Smollett reported that he has been attacked as he was walking home around.  He claimed two masked men shouted racist and homophobic slurs as they beat him, put a noose around his neck, and poured a chemical on to him.

Enter two brothers, Ola and Abel Osundairo, who Smollett knew, who were arrested last week, but later released as suspects. The two brothers told police they helped stage the attack with Smollett.  They were paid $3,500 to orchestrate the attack by Smollett.  In their press conference, the Chicago PD revealed that they have the check as evidence were Smollett paid the brothers that sum.

The brothers left for Nigeria hours after the attack, and were arrested days later when they returned to Chicago.   On Wednesday, they testified to a grand jury. Smollett was later charged with disorderly conduct.

What do you think now about the events and the arrest of Jussie Smollett?  Comment below! But first watch the Chicago PD police department.live feed of the press conference on Smollett’s arrest.

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Breaking News

Thad Luckinbill Back Taping At The Young and the Restless

Well, well, well! Look who is back on set at The Young and the Restless!  Thad Luckinbill, who is presumed dead as J.T. Hellstrom, was seen walking around the sound stages at CBS Television City on Wednesday.

That is because Thad is taping again at the number-one soap opera!  In a tweet put out by the series Twitter account with a photo of Thad (see below), they reveal: “Spotted On Set! J.T. Taking a coffee break. Stay tuned!”

So now the mystery begins!  Will J.T. be alive after all, which would exonerate Nikki, and her gal pals in crime, Phyllis, Sharon and Amelia from a murder rap?

Could Thad just be back to appear as a ghost?  Will he come back alive and continue his abusive ways towards Victoria?

When Luckinbill returned to the show in late 2017, fans were in for a shock when once nice guy, J.T. was turned into a spousal abuser.

So, what do you think of J.T. coming back to Genoa City … or is he? How will this story play out now that it is in the hands of head writer, Josh Griffith? Comment below,

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Video du Jour

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

The Michael Channel

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  • Pam Abbey: “Yes How true More beautiful than ever How is that possible?
  • Pam Abbey: “Taping or just taking a break or just showing up in a few scenes? Feel like I am being teased,…
  • Bella: “It’s to fast I can’t even see how many u put in there 14 16 character ‘s?
  • Kris: “I wish I could say I will miss them but their storyline has come to an end and it’s time…
  • Celia: “Agreed, su.....so, do you think Adam ( with his "seeing camera-eye-" dug him up, lickity-split?
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