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In the minutes that followed the first news reports, the headline flickered due to a higher and higher volume.
The Hollywood Reporter as Ronan Farrow's last New Yorker expose includes allegations of sexual misconduct against CEO Leslie Moonves.
Meanwhile, a representative of Shari Redstone called for CBS's investigation of Moonves to be "open and transparent."
In the minutes following the first reports alleging bad behavior on the part of Moonves, the stock fell due to a volume of over $ 1 billion and had a negative impact on the property. approximately 21,000 Canadian employees. hold shares in their retirement accounts.
Investors who are hitting their sales buttons quickly are not only concerned about the legal responsibilities, they also point out the importance of Moonves for the future of CBS, not to mention Viacom, who had discussed the merger with its sister company, no doubt with Moonves taking over the larger entity that would emerge in such an agreement. The fact that investors sell before Friday's report of investigative journalist Ronan Farrow indicates that Wall Street doubts that Moonves can survive CBS.
Moonves is not only one of the most powerful media moguls on the planet, but also one of the most effective. Before Friday's fainting, CBS shares had risen 1,200% in nine years and it has recently announced on Wall Street record financial results in 2018, though other media conglomerates are struggling to follow Netflix, Amazon, YouTube, Apple, Facebook and the like. The record profits that it predicts are largely due to retransmission royalties, which were only paid to cable networks when Moonves introduced the concept to broadcast networks.
His latest challenge is to try to wrest control from the National Amusements. , led by Sumner Redstone and his daughter Shari. This entity dominates CBS and Viacom through voting shares that Moonves is trying to dilute for fear that Shari is trying to force a CBS-Viacom merger to conditions that are not advantageous for CBS.
But as CBS shares fell on Friday, Viacom CBS hinted that the drama involving CBS, Viacom and National Amusements could have something to do with the allegations against Moonves.
"The timing of this report comes in the midst of the company's very public legal conflict.While this litigation process continues, the CAS management team has the full support of the members. With this team, we will continue to focus on creating value for our shareholders, "said the network in a statement released on Friday.
A representative of Shari Redstone said: "The malicious insinuation that Ms. Redstone is somehow behind Mr. Moonves' allegations of inappropriate personal behavior or the reports of today is false and selfish. " Ms. Redstone hopes that the investigation of these allegations is thorough, open and transparent.
CAS added: "All allegations of personal misconduct must be taken seriously. The independent directors of CBS are committed to investigating claims that violate the company's clear policies in this regard. At the conclusion of this investigation, which concerns allegations reported over several decades, the Board will promptly review the findings and take appropriate action. "
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