According to CNBC, the CBS board is offering an exit package of roughly $100 million, mostly made up of stock in the network. Some reports have speculated that Moonves could walk away with a severance package worth more than $100 million.
"This is a time when we all are appropriately focused on how we help improve our society, and we at CBS are committed to being part of the solution".
These discussions are occurring as the company and its controlling shareholder Shari Redstone and National Amusements Inc are also hammering out a settlement to a legal dispute over the control of CBS.
The Wall Street Journal is reporting that CBS chief Les Moonves is negotiating with independent directors of CBS' board for a possible exit.
Moonves will be replaced by Chief Operating Officer Joe Ianniello as interim CEO, CNBC reported. Year-to-date, CBS has declined -6.52%, versus a 8.82% rise in the benchmark S&P 500 index during the same period. 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.
The US television giant has been the focus of an ongoing legal battle between the Redstone family and the board, chaired by Moonves.
CBS in August said it had retained two law firms and the board had set up a special committee to probe the allegations.