After two delays due to the legal and corporate tumult involving former CEO Les Moonves and controlling shareholder National Amusements, CBS has set December 11 as the new date for its annual shareholder meeting.
Holders of CBS shares as of November 6 will be eligible to participate in the meeting. Any shareholder proposals to be considered at the meeting will need to be submitted no later than October 19.
The meeting is typically held during an always-eventful week for the company, during mid-May when it holds its annual presentation to ad buyers at Carnegie Hall. That date was scrubbed last spring when the company sued National Amusements, aiming to dilute its 80% control. CBS has long chafed at the level of control enjoyed by National Amusements under a dual-class ownership structure. The company, founded by chairman emeritus Sumner Redstone, also controls Viacom. CBS has long expressed concern about the setup limiting the media company’s options at a time of dramatic reconfiguration of the media sector.
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A later date for the shareholder meeting in August was also canceled, this time due to scrutiny of Moonves, who was accused of sexual misconduct in a New Yorker article published in late July. He eventually stepped down in early September.
CBS is being run for the time being by interim CEO Joseph Ianniello and interim chairman Richard Parsons. Both are among the candidates in the running for permanent roles. The makeup of the executive suite will depend on the ultimate strategic direction of CBS, which has been seen as a ripe takeover target for many years. Under the terms of a settlement of the legal claims between parties, National Amusements agreed not to pursue merger discussions for at least two years, but the agreement does not preclude CBS or Viacom from initiating talks.
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