In addition to Moonves departure, CBS settles with National Amusements

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In addition to announcing the departure of CEO and chairman Leslie Moonves, CBS has also announced a settlement of its dispute with National Amusements Inc.

  • In addition to the sexual misconduct allegations against Moonves, CBS also been embattled in a dispute with National Amusements Inc., the media company’s controlling shareholder.

  • As part of the settlement, five independent board members and one NAI affiliated director have stepped down from the CBS board.
  • Six new independent directors have been elected.
  • The new board will be comprised of 11 independent directors and two NAI-affiliated directors.
  • NAI has also confirmed that it has no plans to propose a merger of CBS and Viacom and has agreed that it will make no such proposal for at least two years after the date of the settlement.
  • NAI reaffirmed that it will give good faith consideration to any business combination transaction or other strategic alternative that the independent directors believe are in the best interests of the CBS and its stockholders.