The Latest: Moonves ouster could make CBS takeover target

The Latest on the ouster of CBS chief Les Moonves (all times local):

3:25 p.m.

The resignation of longtime CBS chief Les Moonves won't likely lead to drastic changes in network programs, but it could make the company ripe for a takeover.

Moonves was ousted on Sunday, just hours after the New Yorker detailed more sexual misconduct allegations against him. As part of that, CBS shook up its board and settled a larger fight with its parent company, National Amusements.

The parent company agreed not to pursue a CBS merger with sibling company Viacom for two years. That makes CBS a hot target for a takeover by another company.

To better compete with tech companies such as Netflix, companies that have traditionally distributed TV shows and movies have been buying the producers of such programs. The producers, themselves, have been consolidating as well. Possible CBS suitors include AT&T and Verizon.

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2:45 p.m.

Julie Chen, wife of Les Moonves, was absent from her talk show on the network "The Talk" a day after a new round of sexual misconduct allegations brought the departure of the CBS chief executive.

In what was supposed to be a celebratory season premiere Monday for "The Talk," its four other panelists walked out somberly without Chen, who acts as host and moderator and whose absence had not been announced.

Sharon Osbourne choked back tears as she announced Chen would be taking time off to be with her family, and expressed support for her co-star and friend, a sentiment seconded by the other three women at the table.

All four also expressed vehement support for the women who came forward about Moonves, with Osbourne saying he had clearly ruined the life of one of the accusers.

Chen, who also hosts the CBS series "Big Brother" and married Moonves in 2004, publicly supported him when a first round of sexual allegations emerged last month.

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1:05 p.m.

CBS will pay ousted chief Les Moonves $120 million if its ongoing investigation fails to find any evidence of sexual misconduct.

Moonves, the television company's longtime CEO, resigned on Sunday, just hours after fresh allegations came out in a New Yorker article. A dozen women have alleged mistreatment, including forced oral sex, groping and retaliation if they resisted him. CBS has hired two law firms to investigate the claims.

In a regulatory filing Monday, CBS says the company will put $120 million in a trust that will go back to the company if the charges are substantiated and the CBS board decides it has cause for termination. Moonves will receive the $120 million as severance if the investigation doesn't substantiate the allegations.

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10:50 a.m.

Shares of CBS are down more than 3 percent in the first day of trading after the ouster of Les Moonves, the company's chairman.

The CBS Corp., which has consistently been the most-watched network on television, declined $1.88 to $54.19 in morning trading Monday.

Moonves stepped down late Sunday following a story posted by The New Yorker that included a second round of ugly sexual misconduct accusations against the powerful television executive.

CBS chief operating officer, Joseph Ianniello, will take over for Moonves as president and CEO until the company's board of directors can find a permanent replacement.

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7:50 a.m.

Shares of CBS are moving higher before the opening bell in what will be the first day of trading after the ouster of Les Moonves, the company's chairman.

The CBS Corp., which has consistently been the most-watched network on television, climbed 93 cents to $56.99 in premarket trading Monday.

Moonves stepped down late Sunday following a story posted by The New Yorker that included a second round of ugly sexual misconduct accusations against the powerful television executive.

CBS chief operating officer, Joseph Ianniello, will take over for Moonves as president and CEO until the company's board of directors can find a permanent replacement.

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7:10 a.m.

CBS is reshaping its board as it pursues an independent investigation into Les Moonves, its ousted board chairman, with additional allegations of sexual misconduct continuing to surface.

The investigation is being pursued by the high-profile law firms, Covington & Burling, and Debevoise & Plimpton, and they are being led by Mary Jo White, the former chairwoman of the U.S. Securities and Exchange Commission.

Five board members are leaving, including Leonard Goldberg, Charles Gifford, David Andelman, Doug Morris and Arnold Kopelson.

The company is adding six new board members: Barbara Byrne, Candace Beinecke, Brian Goldner, Richard Parsons, Susan Schuman and Strauss Zelnick.

The CBS Corp. announced Moonves' exit late Sunday, hours after The New Yorker magazine posted a story with a second round of ugly accusations against its chairman. A total of 12 women have alleged mistreatment. Moonves denied the charges, although he says he had consensual relations with three of the women.