chairman-CEO Leslie Moonves and NAI president Shari Redstone over the fate of CBS and the proposed merger with Viacom, which NAI also controls. The lawsuit filed May 14 by CBS grew out of the conflict between CBS Corp.
It has been widely expected that after pursuing the bold legal strategy to challenge NAI's voting control over CBS, Moonves would be forced out unless CBS managed to prevail in court. A source close to the situation said the CBS board of directors is also deep in discussions about Moonves' future at the helm of CBS. The source said the lawsuit settlement talks and the discussions of Moonves' future are happening on parallel tracks.
CBS and National Amusements are making progress in talks to settle the bitter lawsuit over control of the company that is one half of Sumner Redstone's media empire.
A spokesman for CBS Corp. An NAI rep also declined to comment. declined to comment.
The 11 independent members of CBS' board of directors have staunchly backed Moonves. Conflicting visions of CBS Corp.'s future were the spark for the discord between Moonves and Shari Redstone. But the lawsuit settlement talks will undoubtedly take into consideration future management of CBS. Complicating the deliberations on Moonves' fate is the fact that CBS is investigating allegations of sexual harassment leveled against its CEO in late July by six women in a New Yorker investigative report by Ronan Farrow.
Deadline was first to report the accelerated settlement talks. ” />
Sources familiar with the situation said the talks between some CBS board members and representatives for NAI picked up steam during Labor Day weekend. 3. Discussions have been ongoing for weeks in an effort to head off the start of the trial in Delaware Chancery Court set for Oct.