Les Moonves' time at the top of CBS Corp. (CBS) could be coming to a close.
The CBS chairman and CEO is engaged in talks with the media company about a potential exit, CNBC reported Thursday, Sept. 6, just weeks after a New Yorker article alleged Moonves engaged in improper sexual encounters with multiple women.
CBS has recruited two law firms to investigate the CEO in order to discover whether further action needs to be taken.
Moonves' current contract pays him as much as $180 million in severance as well as provides him a production deal. CNBC is reporting that the company's board is offering a $100 million exit package in negotiations.
The package, which would be made up mostly of CBS stock, would be paid out if the company decides that the revelations from its investigation warrant the dismissal of Moonves.
Shares of CBS are rising 0.5% on Thursday. CBS didn't return a request for comment.
CBS is currently in a legal battle with National Amusements Inc. over control of the company. Moonves has led a battle against Sheri Redstone's National Amusements company to dilute Redstone's ownership of CBS to 17% from 79%.
National Amusements has determined that it no longer supports a transaction after previously attempting to merge CBS with Viacom Inc. (VIAB) . National Amusements controls 79% of Viacom's voting power.
Viacom shares are down 1.4%.
Editors note: story has been updated to reflect that National Amusements says it is no longer supports a merger between Viacom and CBS.
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