Earlier on these pages, I’ve discussed the various intricacies of discussions – both acrimonious and civil – between Shari Redstone, Leslie Moonvres and others at CBS, Viacom, and National Amusements which the Redstones control.
Moonvres was until recently CEO at CBS. He had been in a pending capacity while investigations were conducted into his conduct at CBS, and he resigned on Sunday when more charges were filed. Several months ago, Moonvres, during more confident times, brought suit against Shari Redstone and National Amusements. His legal action was a dual effort to, both, thwart the Redstones’ intention to merge CBS and Viacom, as well as to preserve his position as CEO. It stood to reason that, should CBS and Viacom be merged Moonvres would not be continued in the position of CEO of the merged company, particularly in light of the fact that he had developed an acrimonious relationship with Shari Redstone (items discussed earlier in these pages). Thus, several months forward, Moonvres’ position was undergoing discussion by the independent board members at CBS, who were said to be willing to pay $100 million to buy him out. The board has also been working to discontinue the lawsuit. And, now, with Moonvres having resigned, the issue will focus on action to dismiss the lawsuit. Both actions – Moonvres’ leaving and a subsequent discontinuance of the lawsuit – will be strong moves forward for most of those concerned in the saga, notably CBS and the Redstones. Now that Moonvres has been terminated, the board, itself, will possibly follow his exit when further organizational actions at CBS are completed. But, regardless, CBS is seen as the winner in all of these efforts – a fresh start with a new leadership and a new board. Finally – something good to communicate about CBS.