CBS Subpoenaed In New York Amid Leslie Moonves Probe
The company on Friday disclosed the subpoenas in a filing with the SEC.
CBS Corp on Friday said in an SEC filing that it has received subpoenas from both the New York County District Attorney’s Office and the New York City Commission on Human Rights relating to an investigation, conducted by two law firms, into the conduct of former CEO Leslie Moonves, the news division and broader cultural issues.
"The xompany is cooperating with the ongoing investigation and related inquiries," it said in the filing.
CBS also said that the New York State Attorney General’s Office has requested information relating to the investigation.
Cautioning investors and shareholders, the company on Friday said that it "may receive additional related regulatory and investigative inquiries from these and other entities in the future."
At the beginning of August, the company announced that two firms — Covington & Burling and Debevoise & Plimpton — are conducting a thorough investigation into accusations made against Moonves and other now-former employees, including Charlie Rose and Jeff Fager.
The company said only on Friday that the legal probe is "ongoing."
In an 8-K form also filed with the SEC on Thursday, CBS laid out the terms of Joseph Ianniello's position as interim CEO. "The company acknowledges and agrees to conclude its formal search process for a permanent chief executive officer in a timely manner and that Mr. Ianniello will be a candidate and will be afforded good faith consideration," it said.
But, per the filing, Ianniello will not get a pay bump for serving in the interim position.
If Ianniello is not picked as the company's permanent CEO, he can leave CBS with a "good reason" and receive severance payments and benefits.
Thursday's filing also includes the departure of longtime CBS communications chief Gil Schwartz, who is entitled to receive a severance payment of $1.5 million, along with a bonus, a bonus severance and other benefits.