Connect with us

News

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.”

READ MORE
TODAY: 'The Talk' Celebrates 40 Years of Y&R's Eric Braeden

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.

READ MORE
Hallmark Channel Chief Bill Abbott Exits In Aftermath Of Same-Sex Ad Controversy

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.

Click to comment
Advertisement

Leave a Reply

avatar
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

Nathan Fillion Talks His Start On OLTL On ‘The View’ With Whoopi Goldberg

On Thursday’s episode of ABC’s The View, Nathan Fillion visited the show promoting his series, The Rookie.  But during the beginning of his conversation with Whoopi Goldberg, he talked about what he learned from his humble beginnings in show business as Joey Buchanan on the beloved One Life to Live.

Of course, OLTL fans recall that Nathan was involved in a romantic storyline with Llanview icon, Robin Strasser (Dorian) and played the on-screen son to another icon, Erika Slezak (Viki).

Courtesy/ABC

Fillion shared about this time on One Life: “Everything I did and everything I do I learned on that show.  I never speak poorly on daytime … it was such a warm kind place to be.   I learned everything there.  I don’t know where an actor can go and work with people that have worked in the business for 25, 35, 40 years, and I had no idea what i’m doing …and they said, ‘no problem here is what you do’.  So, it was very good people.”

Goldberg also alluded to that she “missed the soaps” meaning All My Children and One Life to Live that shot right where they are in New York City at the ABC studios on 66th and 67th street.

Watch Nathan talk his early career and more with the ladies of The View below.  Then, let us know what you think about the sentiments he share from his time at One Life to Live via the comment section.

READ MORE
Heather Lindell Crushes It As Jan Spears Returns On The DOOL App's 'Last Blast Reunion'
Continue Reading

News

Y&R’s Thad Luckinbill To Produce ‘Postscript’ The Film Adaptation of Sequel To “P.S. I Love You”

We all know that Thad Luckinbill (Ex-J.T Hellstrom, The Young and the Restless) wears many hats in the entertainment industry.  He acts, he writes, he produces, he sings … is there anything that this talented guy doesn’t do?

Now comes word that Luckinbill’s production company (with his brother Trent and Molly Smith), Black Label Media, in conjunction with Alcon Entertainment, has secured the rights to the the novel Postscript and will turn it into a motion picture.

Postscript is the recently released sequel to Cecelia Ahern’s 2004 debut novel, P.S. I Love You.  The original movie starred two-time Oscar winner, Hilary Swank as Holly who loses her husband tragically when he dies from a brain tumor.  Then, a grieving Holly discovers that her husband has left behind 10 letters designed to help Holly overcome her sorrow and transition to a new life.

According to Deadline, who broke the news of this film deal: In, Postscript (which hit book stores this week in the U.S.) the story picks up Holly seven years after her husband’s death with Holly having peacefully moved on with her life.  However, when Holly’s sister asks her to tell the story of the “PS, I Love You” letters on her podcast — she does so reluctantly, not wanting to reopen old wounds. Soon after the episode airs, people start reaching out to Holly, and they all have one thing in common: they’re terminally ill and want to leave their own missives behind for loved ones.”

READ MORE
TONIGHT: GH's Finola Hughes Directed Episode of 'Good Trouble'

According to a report here, Swank will reprise her role as Holly in the new movie.

Luckinbill’s Black Label Media recently produced the war movie, 12 Strong in which he co-stared, while he was also one of the producers on the hit movie, La La Land.

Intrigued to see how Postscript turns out? Wish Thad would return as. J. T to Y&R for a another stint? Comment below.

Continue Reading

News

OLTL Alums & ‘Brooklyn Nine-Nine’s’ Melissa and David Fumero Welcome Their Second Son

Llanview’s Carrr-lott-a should be happy about this, even if it’s ‘bitchy bangs’ who is the baby mama!

News over the weekend has former One Life to Live and star of NBC’s comedy series, Brooklyn Nine-Nine, Melissa Fumero (Ex-Adriana) giving birth to her second child, and on Valentine’s Day, no less.

Photo: JPI

Melissa and her husband, the former Cristian Vega of One Life to Live, (and more recent cast member of the drama Power), David Fumero, welcomed into the world their new son.

The beautiful couple named their newborn, Axel.  They already have a a 3-year-old son, named Enzo.

The proud parents each to to their Instagram accounts with a special photo and a message. Melissa shared  “Welcome to the world, Axel You have made Valentine’s Day my new favorite holiday! 💗❤️❤️💙💙,”

While David shared: “I got the best #valentines #day Present!! Mama is a master at baking these! I’m a lucky dude! Welcome to the world Axel! 2/14/20″

Congratulations to Melissa and David on the newest addition to the Fumero clan!

Share your well-wishes for Melissa, David and little Axel via the comment section below.

 

View this post on Instagram

 

💙 Welcome to the world, Axel You have made Valentine’s Day my new favorite holiday! 💗❤️❤️💙💙

A post shared by Melissa Fumero (@melissafumero) on

 

View this post on Instagram

 

I got the best #valentines #day Present!! Mama is a master at baking these! I’m a lucky dude! Welcome to the world Axel! 2/14/20

A post shared by David Fumero (@davidfumero) on

READ MORE
Y&R's Thad Luckinbill To Produce 'Postscript' The Film Adaptation of Sequel To "P.S. I Love You"
Continue Reading
Advertisement
Advertisement

Video du Jour

DAYS Eric Martsolf and Stacy Haiduk chat with Michael Fairman at Day of Days 2019; during their conversation the on-screen dup talk about the latest developments of Brady and Kristen within the series time-jump and more. Leave A Comment

The Michael Channel

Recent Comments

Advertisement

Power Performance

Katelyn MacMullen as Willow

General Hospital

Airdate:2-21-2020

Advertisement

Popular