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. It says the independent directors are "investigating claims that violate the company's clear policies in that regard". When that investigation is finished, the board will "take appropriate action", it said.
CBS is investigating allegations of sexual misconduct within the company.
Farrow is the Pulitzer Prize-winning reporter who, along with The New York Times past year, broke the story of Harvey Weinstein's sexual misconduct.
The report comes as CBS is in public litigation with Shari Redstone, the controlling shareholder in both CBS and Viacom, over her plans to merge CBS and Viacom (and potentially sell the combined corporation). The statement added: "We will continue to focus on creating value for our shareowners".
Moonves has been very well compensated for his company's success.
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"I was sort of in shock and I said, 'Well, Leslie, I don't think your wife would appreciate us having that kind of dinner.'" Moonves claims to have no recollection of the incident, CBS told Farrow.
CBS also reported on the 19 former and current CBS who alleged Fager allowed sexual harassment at work.
Another CBS employee, writer Janet Jones, told Farrow that Moonves threw himself on her during a meeting and tried to kiss her.
Moonves has been running CBS for more than a decade, and is credited with turning it into the most-watched broadcast network on television for 15 of the past 16 years.
United States television network CBS says it is investigating amid reports its top executive has been accused of sexual misconduct.
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In 2013 it was reported that Moonves earned more than $65m, making him one of TV's highest paid executives.
CBS did not name Moonves but said it issued the statement Friday before the New Yorker article was published. CBS sued REDSTONE to prevent her from attempting to take control by ousting directors or changing bylaws.
Representatives for Moonves did not immediately respond to ABC News' requests for comment Friday afternoon.
"A spokeswoman for National Amusements Inc said, "(Shari) Redstone hopes that the investigation of these allegations is thorough, open and transparent".
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