CBS’ shares rebounded quickly Thursday morning, following a Dow Jones report that CBS directors want the Redstone family to amend their trust to undo restrictions on CBS transactions, including a possible sale.
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Earlier, shares took a hit following a report that the board is in settlement talks with embattled CEO Les Moonves, and has offered a $100 million exit package.
As reported by CNBC, citing people familiar with the negotiations, the exit package will be made up almost entirely of CBS stock. The report also notes that COO Joe Ianniello could be tapped as a temporary replacement.
In late July, a New Yorker article claimed that six women accused Moonves of unwanted advances and sexual assault. The allegations spanned different time periods, over two decades, from 1985 to 2006.
During the company’s August earning call, Moonves did not address the allegations and none of the Wall Street analysts on the call asked about it either. This prompted outcries from longtime investment watchers. As FOX Business reported this prompted criticism over whether the company has too much influence and power over the analysts covering the stock.
CBS shares have dropped 10% this year.
Inquiries to CBS were not returned at the time of publication.