Report: Les Moonves Would Like To Buy CBS

Les Moonves

CBS CEO Les Moonves, fearful a merger with Viacom will be forced upon his company after majority owner Sumner Redstone dies, is discussing ways to buy out the broadcaster’s controlling shareholder, National Amusements Inc., sources told The NYPost.

the 65-year-old Moonves believes a merger with Viacom will leave him in an inferior position and could shortchange CBS minority shareholders, sources said.

As a result, Moonves has been having discussions with Wall Street heavy hitters about backing such a buyout, sources said.

“[Moonves] has been talking to a few banks and private equity firms about buying CBS,” said a well-placed source.

It is unclear how far such discussions have progressed. The buyout plan is one of a number of options Moonves has, sources close to the conversations stressed.

One obstacle Moonves faces is that any NAI buyout would need the approval of the majority of the members on a trust that will take control of NAI down the road after Redstone dies.

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