CBS Postpones Shareholder Meeting as Moonves Probe Continues

Says seeking outside counsel to look into sexual harassment allegations
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CBS said it is in the process of hiring an outside counsel to look into sexual harassment allegations against its current chair and CEO Les Moonves, and has decided to postpone its annual meeting of shareholders on Aug. 10 as its investigation continues.

Moonves was the subject of a detailed New Yorker magazine article into a culture of sexual harassment at CBS. Six women came forward accusing Moonves of forcibly kissing or touching them over the past two decades. The article also depicts a culture of harassment at the network, citing 30 former and current employees who have alleged various forms of harassment and assault at the hands of other male employees in positions of power.

In a statement, CBS said no other action was taken on the matter at the board meeting today. CBS will announce a new date for the shareholders meeting at a later time.

CBS stock, down about 6% when the New Yorker article was published online Friday, dipped another 5% on Monday, closing at $51.28 per share. 

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