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| Les Moonves |
As CBS stock bumped against record highs last week, CBS CEO
Les Moonves cashed in stock options, earning about $11.6 million in profit,
according to a regulatory filing.
According to THR, the filing indicates that Moonves sold
450,000 shares in three lots, one for an average of $49.02 a share, another at
an average of $49.10 and a third at an average of $49.51. In all, the CEO sold
about $22 million in stock on Monday and Tuesday.
The same regulatory filing says Moonves acquired 450,000
shares Monday and Tuesday at $23.19 apiece, or about $10.44 million, via the
exercise price on stock options he receives under a long-term incentive plan. A
CBS spokesman said the sale, too, was part of a regularly scheduled plan.
Shares of CBS closed fractionally higher Friday to $50.06.
They reached an intraday high of $52.46 on May 22.
Moonves was the highest-paid CEO of a Hollywood
conglomerate in 2012, earning $62.2 million.
Tom’s Take: Many
prominent execs use automatic triggers for their estate trading to avoid
sending an unintended signal to investors who keep an eagle eye on insider
trades to see when the people who know a company best believe that the stock
price is about to change its trajectory.
And remember talk of a CBS-Cumulus deal?
Is some announcement coming?
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