Les Moonves Sells $22 Million Worth of CBS Stock
The CEO acquired the shares via stock options and scored an $11.6 million profit.
As CBS stock bumped against record highs this week, CEO Les Moonves cashed in stock options, earning about $11.6 million in profit, according to a regulatory filing.
The filing, dated Wednesday, indicates that Moonves sold 450,000 shares in three lots, one for an average of $49.02 a share, another at an average of $49.10 and a third at an average of $49.51. In all, the CEO sold about $22 million in stock on Monday and Tuesday.
The same regulatory filing says Moonves acquired 450,000 shares Monday and Tuesday at $23.19 apiece, or about $10.44 million, via the exercise price on stock options he receives under a long-term incentive plan. A CBS spokesman said the sale, too, was part of a regularly scheduled plan.
Shares of CBS closed fractionally higher Friday to $50.06. They reached an intraday high of $52.46 on May 22.
Moonves was the highest-paid CEO of a Hollywood conglomerate in 2012, earning $62.2 million, though that was down 11 percent from his haul of $69.9 million a year earlier.