The wait goes on.
The board of CBS Corp. (CBS) 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.
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) . 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) and Comcast Corp. (CMCSA) battled for film, television and pay-TV assets of Twenty-First Century Fox Inc. (FOXA) and AT&T Inc. (T) acquired Timer Warner Inc., many investors and analysts have anticipated that a combination of CBS and Viacom would give the companies greater scale.
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