How Les Moonves Built His Massive Fortune
Update: On Sunday, September 9, CBS announced that chairman and CEO Les Moonves would step down, effective immediately. CBS had been investigating sexual misconduct allegations against Moonves; a report detailing the allegations by Ronan Farrow in the New Yorker earlier this summer was followed this Sunday by an additional story with more accusations. Moonves told Farrow in a statement that the "appalling accusations in this article are untrue."
The CBS Board of Directors announced that Moonves will not receive any severance payment until they have completed an independent investigation into the allegations, other than compensation and benefits that he has accrued and vested. Additionally, as part of his settlement, Moonves will donate $20 million of his severance package to “one or more organizations that support the #MeToo movement and equality for women in the workplace,” the company said.
Leslie "Les" Moonves has been chairman and CEO of CBS since 2003, a post that has made him one of the most prominent media executives in America. In July, however, an exposé by Ronan Farrow in the New Yorker about allegations of sexual misconduct against Moonves prompted his company's stock price to fall by more than six percent, at $54.01 per share.
In a statement, Moonves told the New Yorker:
“Throughout my time at CBS, we have promoted a culture of respect and opportunity for all employees, and have consistently found success elevating women to top executive positions across our company. I recognize that there were times decades ago when I may have made some women uncomfortable by making advances. Those were mistakes, and I regret them immensely. But I always understood and respected-and abided by the principle-that ‘no’ means ‘no,’ and I have never misused my position to harm or hinder anyone’s career. This is a time when we all are appropriately focused on how we help improve our society, and we at CBS are committed to being part of the solution.”
The Independent Directors of CBS also gave a statement to the magazine:
"All allegations of personal misconduct are to be taken seriously. The Independent Directors of CBS have committed to investigating claims that violate the Company's clear policies in that regard. Upon the conclusion of that investigation, which involves recently reported allegations that go back several decades, the Board will promptly review the findings and take appropriate action."
Moonves, who began his career as an actor, has been responsible for green-lighting hits like Everybody Loves Raymond and the Survivor series at the broadcast network. In his executive role, he also oversees CBS's cable network, Showtime, and the publishing house Simon & Schuster. Through his business decisions, he's also earned a lot of money for himself. Citing an estimated net worth of $700 million, Forbes once placed him on the publication's list of the Richest Hollywood Powerbrokers.
Today, Celebritynetworth.com estimates Moonves is worth $300 million. The 68-year-old, who has been married to CBS news personality Julie Chen since 2004, reportedly earned $69.3 million in 2017 and $69.6 million the year before that. CBS is currently in the middle of a legal battle with Viacom, a sister company that is also controlled by controlled by Sumner Redstone's National Amusements holding company. Shari Redstone, Sumner's daughter, is a major shareholder of both companies and wants to combine them.
"The timing of this report comes in the midst of the Company's very public legal dispute," the CBS directors' statement continued. "While that litigation process continues, the CBS management team has the full support of the independent board members. Along with that team, we will continue to focus on creating value for our shareowners."
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