CBS keeps CEO in place during sexual misconduct probe

CBS said Monday it would appoint an independent investigator to look into sexual misconduct allegations against network CEO Les Moonves, but added it had chose to take no further action at a board meeting.

The revelations come amid a legal battle for control of the United States television giant - between the Redstone family, which controls CBS, and the board, chaired by Moonves.

CBS' board of directors is meeting Monday for a previously scheduled gathering. The company has shed more than $1.5 billion in value since Friday, when the New Yorker publishing a damning expose featuring accusations from six women about sexual misconduct involving Moonves.

The allegations come as Moonves is in a power struggle with majority shareholder of both CBS and Viacom, Shari Redstone.

On The Late Show With Stephen Colbert on Monday, Colbert found himself in a unusual position: addressing sexual misconduct allegations against his boss, Les Moonves.

The board was already scheduled to meet on Monday as the company is scheduled to report its second quarter earnings on Thursday.

On Monday the CBS board chose to postpone the company's 2018 annual stockholder meeting that was scheduled to be held on August 10.

At 2:30 p.m., CBS shares were trading at $51.12, down 5.4 percent.

On Friday, a New Yorker article quoted six women spanning three decades accusing Moonves of sexual harassing them.

Ross has since received backlash on Twitter, with critics saying such comments dismiss the claims made by these women. Those were mistakes, and I regret them immensely. The stock has slipped more than 10% since news of the report surfaced. "But I always understood and respected - and abided by the principle - that "no" means 'no, ' and I have never misused my position to harm or hinder anyone's career", Moonves said.

One of those women, the actress and writer Illeana Douglas, told Farrow that during a 1997 meeting, Moonves began "violently kissing" her, and then, "aroused, pulled up her skirt and began to thrust against her".

CBS Corporation is the parent company of CBS News.

Dinah Kirgo shared a similar story in which Moonves feigned interest in a business meeting only to pursue a dinner with her alone.

The statement from the board also did not address claims in The New Yorker about the culture at "60 Minutes" and its executive producer Jeff Fager. He is the latest Hollywood bigwig to be accused of sexual misconduct.

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