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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

Y&R’s Tracy E. Bregman Shares Heartbreak Of Losing Her Home In Southern California Wildfires On ‘The Talk’

The wildfires continue to leave destruction in their path in Southern California as hundreds of thousands in Southern California have had to leave their homes behind.  Many are finding nothing to come back to after what is now called the Woolsey Fire burned down their beloved homes.

One of those victims who lost her home over the weekend to the fires is The Young and the Restless, Tracey E. Bregman (Lauren). She is among other celebrities such as: Miley Cyrus, Gerard Butler, and Neil Young whose houses in the Malibu area were destroyed.

Bregman made a guest appearance on today’s episode of The Talk, revealing what happened when she found her house had been burned to the ground in a heartbreaking moment.

The Daytime Emmy-winner shared: “It’s been surreal.  It’s kind of hard to wrap your mind around … it’s hard to believe all the family celebrations and everything that I had in there is gone.  I woke up thinking, I actually don’t have anything from my past. I have no notes, or cards, or anything like that. But like Miley Cyrus said, I got my kids out, my animals out, we’re alive.”

Tracey added, “This is my third evacuation since I moved there in 2004.  I got my dog, I was able to pack a bag … grab my Emmy, but my fathers NAACP award did not make it out, and he passed away a year and a half ago, so I’m missing that.  I honestly don’t know where to live, what to do. Luckily, I just bought a little place in Nashville, and I think my whole family, we’re going to spend Thanksgiving, actually with my friends Todd and Julie Chrisley, they invited us.”

Eileen Davidson (Ex-Ashley, Y&R) also reported via social media that she is safe but there eas some damage to her home: “After living for 24 hours thinking we lost our house completely we found out yesterday that we only lost the yard around our house. Sweating it out for the next 48 hours and praying for everybody involved in this devastating and horrific fire. Love to all of you.”

At least 370 structures have been destroyed and two people have died in the catastrophic blaze, which has now spread to 92,000 acres as of Monday.

Celebrities such as: Lady Gaga, Kim Kardashian West and Alyssa Milano fled their houses over the weekend to escape the flames and winds.

Watch Tracey’s tragic story on the loss of her home below.  Then, share your well-wishes and prayers for Tracey via the comment section,

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Breaking News

GH Releases ‘The Sonny & Carly Collection’ Featuring 20 Pivotal Episodes With Three Carlys

The torrid love story between Sonny Corinthos and Carly has been going strong for over two decades.  Now the ABC app and ABC.com are offering up a collection of memorable episodes and pivotal moments between the duo.

However, this collection features three powerhouse actresses who have played the role of Carly: Sarah Joy Brown, Tamara Braun, and the current Carly, Laura Wright.

GH and ABC have released these episodes for viewing to coincide with Maurice Benard’s 25th year on the daytime drama series and a very special anniversary episode airing today on Monday, November 12th.

With the Sonny & Carly Collection, fans will be able to access 20 episodes from Sonny and Carly’s explosive and tumultuous 20-year relationship, chronologically.  Some of the episodes include: Jason is shot in an ambush. Sonny and Carly remarry, even though she is involved with Jax, Sonny confesses to Carly that he shot AJ, Sonny and Carly admit their feelings, and more

The Sonn and Carly collection is available now through February 12th and all 20 episodes are available for viewers with no sign in required at abc.com/sonnyandcarly  and on the ABC app.

The ABC app is available in the App Store, ABC.comAmazon AppstoreGoogle Play and on most connected TV devices.

Check out the Sonny & Carly Collection, and then let us know which was your favorite episode of the bunch via the comment section below!

 

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Breaking News

Kimberly McCullough Directs Episode Of ‘The Conners’; Shares Pics From Show Night

As fans of director and actress Kimberly McCullough know, earlier this week she announced that she would be directing an episode of the the re=branded and renamed ‘Rosanne-less’ series, The Conners.  She originally shared the news of getting the nod to direct the hit comedy sitcom with a photo of the famous Conner kitchen with the words “Yup”.

However on Saturday, Kimberly shared some more behind the scenes photos from tape night, or show night, as they call it in the biz.   She is pictured above with cast members Michael Fishman and Maya Lynne Robinson.

ABC executive Nathan Varni tweeted to McCullough: “Thanks for a great week ⁦⁩ directing ⁦⁩ #107! See you soon for your next episode”

No airdate has been released as to when Kimberly’s ‘The Conners” directorial debut will air, but MF TV will keep you posted.

McCullough was also busy directing an episode of the new FOX sitcom, The Cool Kids just the other week.

How fabulous that the woman who has brought General Hospital’s Robin Scorpio Drake to life is finding just as much success now behind the camera as in front of it.

Will you be checking out Kimberly’s episode of The Conners when it airs?  Do you hope that between all of these directing gigs, she might fit in a visit back to GH? Share your thoughts 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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Beth Maitland as Traci

The Young and the Restless

Airdates: 10-24-26-2018

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