Photo — Leslie Moonves: Own work (CC BY 3.0) · Shari Redstone: https://www.flickr.com/photos/144794657@N03/52514985710/ (CC BY 2.0)
The Short Version
A high-stakes corporate power dispute between CBS Chairman and CEO Leslie Moonves and National Amusements Vice Chair Shari Redstone over the governance of CBS Corp., a potential merger with Viacom, and controlling shareholder voting rights. The battle led to dueling litigation in Delaware Chancery Court before concluding with Moonves' departure from CBS in September 2018.
Latest Development
CBS and National Amusements reach settlement as Leslie Moonves resigns
CBS and National Amusements announced an agreement terminating all legal proceedings, restructuring the CBS board, and confirming the resignation of Leslie Moonves as CEO amid ongoing investigations into sexual misconduct allegations.
September 9, 2018 · Verified event
The Beef
Chronological, newest first. Every entry cites a source.
Beef timeline
September 9, 2018
CBS and National Amusements reach settlement as Leslie Moonves resigns
Verified eventCBS and National Amusements announced an agreement terminating all legal proceedings, restructuring the CBS board, and confirming the resignation of Leslie Moonves as CEO amid ongoing investigations into sexual misconduct allegations.
Source ↗July 23, 2018
National Amusements accuses CBS executives of using messaging app TigerText
AllegationIn a Delaware court filing unsealed July 31, National Amusements accused Leslie Moonves and other CBS executives of using self-destructing messaging app TigerText to delete relevant communications. CBS stated the app was deployed for security reasons following the 2014 Sony hack.
Source ↗May 29, 2018
National Amusements files lawsuit against Leslie Moonves and CBS directors
Legal filingNational Amusements filed a 66-page complaint in Delaware Chancery Court against Leslie Moonves and 11 CBS board members, challenging the dilutive dividend and questioning Moonves' severance terms and governance practices.
Source ↗May 16, 2018
National Amusements amends CBS bylaws to counter dilution move
Verified eventNational Amusements altered CBS Corp. bylaws to require a 90% supermajority board vote for dividend approvals in order to invalidate the CBS board's proposed dilution dividend.
Source ↗May 14, 2018
CBS board files lawsuit to dilute National Amusements voting power
Legal filingCBS filed a lawsuit in Delaware Chancery Court seeking a temporary restraining order and aiming to issue a stock dividend that would reduce National Amusements' voting power in CBS from approximately 80% to 17%.
Source ↗April 11, 2018
Tensions emerge over CBS-Viacom merger strategy and executive power
ReportedReports detailed mounting conflict between Leslie Moonves and Shari Redstone over a proposed merger between CBS and Viacom, including disagreements over potential executive leadership under Viacom CEO Bob Bakish versus CBS COO Joseph Ianniello.
Source ↗
Where It Stands
Historical. The feud was resolved in September 2018 through a corporate settlement in which Leslie Moonves resigned as CEO of CBS amid an investigation into sexual misconduct allegations, several allied board members retired, and National Amusements and CBS dropped their pending lawsuits against each other.
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Sources
- 1.SourceCBS and National Amusements reach settlement as Leslie Moonves resigns · Sep 9, 2018
- 2.SourceNational Amusements accuses CBS executives of using messaging app TigerText · Jul 23, 2018
- 3.SourceNational Amusements files lawsuit against Leslie Moonves and CBS directors · May 29, 2018
- 4.SourceNational Amusements amends CBS bylaws to counter dilution move · May 16, 2018
- 5.SourceCBS board files lawsuit to dilute National Amusements voting power · May 14, 2018
- 6.SourceTensions emerge over CBS-Viacom merger strategy and executive power · Apr 11, 2018
Allegations are attributed to the party that made them and are not statements of fact.