CBS Reportedly In Talks With CEO Les Moonves About Exit Package

(RTTNews) - CBS Corp.'s (CBS-A, CBS) board is in settlement talks with chief Executive Officer Les Moonves that would result in his departure and the appointment of Chief operating officer Joe Ianniello as his interim replacement, the CNBC reported citing people close to the negotiations.

The talks have been going on for some time but have yet to reach a conclusion given continued back and forth about his exit package, the report said.

While under his contract he is due as much as $180 million in severance and a production deal, the board is offering a roughly $100 million exit package made up almost entirely of CBS stock, the report said. They said the board also wants the right to claw back some of the compensation if it's determined that sexual harassment allegations against Moonves are confirmed.

On Wednesday, the Wall Street Journal reported that CBS was in talks with Shari Redstone and her family's holding company, National Amusements Inc., to settle their litigation over control of the broadcaster, less than a month before the matter is scheduled to go to trial.