After Les: Shari Redstone Big Winner

Shari Redstone

For nearly a year, Shari Redstone has been locked in a battle for control of CBS Corp. — facing off against a powerful chief executive and other members of the board. So tense was the standoff that CBS went to court to pry loose the Redstones’ grip on the company.

The L-A Times reports armistice arrived Sunday. In one dramatic swoop, CBS announced the departure of longtime CEO Leslie Moonves amid a widening sexual harassment scandal, installed an acting CEO and announced six new members to its board. Gone were the old-timers, friends of Sumner Redstone, who were some of Moonves’ strongest allies.

CBS, in a statement, touted its compromise with the Redstone family and the independence of its refreshed 13-member board. The number of women on the panel immediately doubled to six. The average age of board members now is 65, eight years younger than before. Not mentioned in CBS’ statement was that Shari Redstone — the daughter of the ailing media mogul from Boston — was deeply involved in the group’s selection, according to two people familiar with the matter who were not authorized to comment.

“This may look like a compromise resolution at first blush, but it's not,” Los Angeles investment banker Lloyd Greif said. “Shari won this round — big. Les Moonves must feel like he got run over by an 18-wheeler.”

Keep Reading