CBS Falls on Report CEO Les Moonves to Be Accused of Sexual Misconduct

July 27, 2018, 4:21 PM UTC

CBS Corp. shares tumbled following reports Chief Executive Officer Leslie Moonves will be accused of unwanted kissing and touching in a New Yorker magazine article set to be published Friday.

The allegations in the article by Ronan Farrow involve incidents that go back, in part, more than 20 years, the Hollywood Reporter said, citing sources with knowledge of the matter who it didn’t identify. Farrow was among the reporters who first broke news on the sexual-misconduct allegations against Harvey Weinstein last year.

Shares of CBS, which is already involved in a protracted legal battle with its controlling shareholder, the Redstone family’s National Amusements, fell more than 5 percent to $54.45 in New York. They were down 2.5 percent this year through Friday.

Moonves, 68, is one of the most powerful figures in Hollywood. He would be among the biggest names to face sexual misconduct allegations that have surfaced in the wake of the New Yorker article that revealed widespread claims of abuse against movie mogul Harvey Weinstein.

CBS spokesman Dana McClintock didn’t immediately respond to phone calls and emails seeking comment.

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