Les Moonves Out Of CBS, What’s Next?
CBS has recently pushed out its formidable CEO, Les Moonves, following his sexual harassment controversy. The procedure’s swiftness should be marked as a milestone, and annually celebrated. On the surface, this does seem like a classic tale of the triumph of good over evil. But, the real question is, is there exactly enough truth to this scenario? And what does this sudden firing hold for CBS, and for the Wall Street, and for America in general?
The irony comes to life in this entire CBS soap opera. Back in 2017, Moonves had voiced his support for the #MeToo movement, he later went on to find the Commission on Sexual Harassment and Advancing Equality in the Workplace, before releasing several statements as of how to combat workplace abuse. His attempts were; however, met with entirely different reactions that what Moonves had hoped for. In a Ronan Farrow article, six women publicly accused Moonves of workplace sexual assault. The numbers only grew; consequently, 6 more women came up and testified against Moonves’ character. The CBS board scrutinized all allegations under a stern eye. Moonves offered crux to the fiasco in early August as he announced his withdrawal from CBS.
Consequences of Moonves Departure
For CBS, Moonves departure has created an alarming situation. First and foremost, worry will characterize investors’ behavior. Moonves’ loyalists will be apprehensive about investing in the firm, as their no assurance of their best interests. Moonves was also actively involved in TV programming and scheduling. So, if producers become less keen on creating shows for CBS, it will not come as a shocker.
The greater issue is also that CBS’ interim CEO Ianniello was genuinely loyal to Moonves. While Ianniello’s presence ascertains that the stratosphere will not erupt into mayhem, his departure from CBS may be imminent. If this becomes the case, we can easily foresee a civil war at the CBS headquarters.
For the world; however, Moonves exit has given only good. It reminds us that a corporate America will no longer tolerate felicitous behavior. Women were also reassured that their voices are not only being heard but also felt. Workplace sexual harassment had largely become a culture over the years. The last time a woman walked in court to demand justice against her mistreatment she was made to testify for 8 straight long hours before the committee dismissed all her allegations and sabotaged her character. Times have changed for sure. With the dismissal of Kevin Spacey, Roseanne Barr, James Gunn and now Moonves, America has surely learned to behave. Now moral virtues are just as important as physical and mental capabilities. And, gender crime is just as obnoxious as a regular crime.
Impact on #MeToo Movement
Moonves’ ultimate retirement has also proved to be a tremendous breakthrough for the #MeToo movement. When this movement sprung online, it had only a little scope. But, with women taking more active actions in dealing with the injustice done to them, the movement gained momentum. The ideas of suppression and oppression have faded away with the bygone era, and the women of 2018 are invincible.
In a statement, CBS declared that it would pay a generous donation of $20m (£15.4m) immediately to subsidize the #MeToo movement. It offered an incentive to one or more organizations, supporting the #MeToo movement and campaigning for workplace gender equality, but did not mention any particular names.
Now that Mr. Moonves and CBS have split, he will be denied of 20 million dollars of his separation benefits. This is how CBS will source the aforementioned donation, while also portraying the indignity of Moonves’ actions. Moonves will recover his pending severance benefit once the investigation over his charges is over.