Skip to main content

The wait goes on. 

The board of CBS Corp. (CBS) - Get CBS Corporation Class B Report voted on Monday to postpone its annual meeting but did not arrive at a decision about Chairman and CEO Leslie Moonves, following a New Yorker exposé alleging sexual misconduct about the network's boss.

CBS's directors are selecting an outside counsel to investigate the claims in the article, as boardroom and courtroom battles for control of the Tiffany network take shape. 

Scroll to Continue

TheStreet Recommends

Shares of CBS dropped 5.1% to $51.28 on Monday, after falling 6.1% on Friday following the news of the article by Ronan Farrow, whose reporting on Harvey Weinstein helped bring down the movie mogul. The accusations come as Moonves and CBS battle for control of the network with Vice Chair Shari Redstone, who has previously supported merging CBS with Viacom Inc. (VIAB) - Get Viacom Inc. Class B Report . Meanwhile, shares of MTV-parent Viacom dropped 1.9% to $28.78 on Monday.

The Redstones control CBS and Viacom through National Amusements Inc., a Norwood, Mass., motion theater chain-cum-holding-company that owns about 80% of the voting stock in the two media companies. Shari Redstone has publicly voiced support for combining CBS and Viacom, though Moonves has resisted.

As Walt Disney Co. (DIS) - Get The Walt Disney Company Report and Comcast Corp. (CMCSA) - Get Comcast Corporation Class A Common Stock Report battled for film, television and pay-TV assets of Twenty-First Century Fox Inc. (FOXA) - Get Fox Corporation Report and AT&T Inc. (T) - Get AT&T Inc. Report acquired Timer Warner Inc., many investors and analysts have anticipated that a combination of CBS and Viacom would give the companies greater scale. 

Editor's note: The full version of this article was published by The Deal, a sister publication of TheStreet that offers sophisticated insight and analysis on all types of deals, from inception to integration. Click here for a free trial.