Les Moonves, the CEO of CBS, and Shari Redstone, the President of National Amusements Inc and the vice-chairman of CBS and Viacom, have been battling over the future of CBS for months and the situation is getting messier.
The CBS board voted 11-3 to dilute Redstone's voting power from 80% to 20%. The no votes were Redstone, one of her attorneys, and one of her aging father's advisors. The day before the vote, Redstone amended the bylaws to say that a vote would like that would require a 90% supermajority of the board's 14 voters to pass.
CBS filed a lawsuit against National Amusements Inc earlier this month, Redstone filed a suit against Les Moonves and several members of the board and most recently, the Westmoreland County Employees Retirement System filed a class action lawsuit against Redstone and National Amusements Inc.
Redstone's court filings include the description of a situation where Charles Gifford, a member of the CBS board, allegedly grabbed Redstone's face during a meeting and directed her to listen to him after she proposed he be replaced on the board.
Gifford told her that was how he treats his daughters when he wants their attention. Redstone clarified to him that "she was not Mr. Gifford's daughter but instead the vice chair of CBS."
Heated battle over CBS and Viacom got physical, says Redstone. https://t.co/Ts339427N7— NBC Nightly News with Lester Holt (@NBCNightlyNews) May 29, 2018
CBS separated from Viacom in 2006 due to a decision by Redstone's father but National Amusements, the company Redstone is also president of owns 80 percent of the voting shares of both Viacom and CBS.
Redstone reportedly wants to merge the two companies and then sell the. Comcast and Verizon have expressed interest.
Moonves will likely be fired if CBS and Viacom merge.
No news on how this might affect the future of Julie Chen and Big Brother.