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Leslie Moonves Helped Make CBS a TV Juggernaut, but the Brawl Over a Viacom Merger Could Lead to His Exit

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Leslie Moonves Helped Make CBS a TV Juggernaut, but the Brawl Over a Viacom Merger Could Lead to His Exit cc Friday, May 18, 2018 latimes.com/news Leslie Moonves helped make CBS a TV juggernaut, but the brawl over a Viacom merger could lead to his exit By MEG JAMES AND STEPHEN BATTAGLIO TIMES STAFF WRITERS CBS unveils its new fall prime-time schedule each spring by hewing to tradi- tion: The presentation always occurs in mid-May, it always takes place at Carne- gie Hall and CBS Chief Executive Leslie Moonves always relishes his role as the network's proud papa. But there was something different this week as Moonves strode onto the historic stage. Advertisers and entertainment ex- ecutives who packed the venue rose in a standing ovation. Moonves appeared moved, his eyes glistened. For TV's biggest showman, this might be the start of the curtain calls. Moonves, who is known for an ultra- competitive streak that has driven him to become television's most successful exec- Leslie Moonves is known for an ultra-competitive streak that has driven him to utive, is locked in the fight of his life for become television’s most successful executive. (Tara Ziemba / Getty Images) control of CBS Corp. against the compa- ny's powerful controlling shareholders, the Redstone family from Massachusetts. The legal skirmish is expected to be- Board members who are not tied to the On Thursday, it was the Redstones come a bruising tug-of-war, and it is far Redstones voted to reduce the Redstones' who scored the first victory. A Delaware from certain which side will prevail. nearly 80% voting stake in CBS to 17%. judge refused CBS' request for a restrain- The Delaware judge, Andre G. Bou- That measure won't take effect anytime ing order against the family, which is chard, indicated that he did not want to be soon, as it must survive scrutiny of the determined to protect its controlling stake too quick to reel in the family that has had Delaware courts. The Redstones, for their in the venerable broadcasting company. its grip on CBS for 18 years. Bouchard's part, suggested the vote was moot. CBS' independent board members this reluctance suggests that Moonves and Those who know Moonves think it's week sued the Redstones and their invest- CBS' effort to unseat the Redstones might unlikely he would go down without a ment vehicle, National Amusements Inc., be an uphill climb. fight. in an effort to strip away their voting "It ain't over yet," cautioned Los An- "I'm very competitive — I like to control. Analysts called the maneuver the geles investment banker Lloyd Greif, who win," Moonves told The Times in 2016. "nuclear option." believes the Redstones' entanglements "I'm not a good loser." The move comes as CBS' independ- with Viacom, and their push for a merger, CBS' winning streak is a hallmark of ent shareholders have become increasing- remain problematic. "Les lives to fight the boss. CBS has been the most-watched ly concerned that Shari Redstone, the another day." network on television for 15 of the last 16 company's vice chairwoman, might be Moonves, through a spokesman, de- years, including the current TV season. putting her family's financial interests clined an interview request Thursday as The 68-year-old CEO has been calling ahead of other shareholders'. the company prepared for what was ex- the shots at CBS with little involvement pected to be a contentious board meeting. from the Redstones for the last 12 years. For much of that time, family patriarch CBS, Sumner Redstone figured, "I never had a conversation with him Sumner Redstone indulged in the spoils would be a stable performer and would where I didn't know exactly where I stood of his vast wealth and allowed his top produce dividends to satisfy investors. — good or bad," Mosko added. lieutenants, Moonves and Tom Freston, But in the next dozen years, Moonves Preston Beckman, a TV consultant and then Philippe Dauman — both of not only showed that he had a knack for who worked for more than two decades at whom served as Viacom CEOs — to run picking actors for CBS shows that view- NBC and Fox, said Moonves has always his companies as they saw fit. ers would grow to love, but he also found kept his eye on creating programming that That changed two years ago, when the ways to astutely leverage CBS' assets. would attract the most viewers, rather mogul — who turns 95 this month — And he ambitiously took advantage of the than coveting accolades from television became seriously ill and largely unable to new media landscape. The emergence of critics or Emmy awards. communicate. His daughter, Shari Red- online streaming video and the opening of "I think he's been successful because stone, took up the mantle, becoming global markets created a booming demand he's never been ashamed or embarrassed much more involved in corporate affairs. for TV programming. Moonves used the by seeing himself as a broadcaster," She has shown a determination to reu- company's production studio to fill it. Beckman said. "And he's upheld the nite CBS with Viacom Inc. Both were Under Moonves, CBS has been the showmanship tradition of the business part of the same entity until 2006, when most aggressive network when it comes while adapting to the opportunities creat- Sumner Redstone tore his media empire to owning programs on its prime-time ed by technology." apart. schedule rather than licensing them from Moonves has always seen himself as a Since early this year, CBS has resisted outside studios. It has turned the broad- scrapper. When he took over in 1996 as Shari Redstone's merger campaign, wor- cast network into a platform to launch entertainment president at CBS, which ried that CBS might falter if saddled with shows with broad-based appeal, including had fallen on hard times, he was relentless the problems of the weaker Viacom. And "NCIS," "Blue Bloods" and "Hawaii Five in his attempts to restore the network's Moonves rejected as a nonstarter her de- -0," into properties that could be sold to ratings and spiff up its image. mand that her top lieutenant at Viacom, TV channels around the world, generating Any perceived slight in the press Chief Executive Bob Bakish, have a billions of dollars in revenue. could prompt a phone call to a reporter or prominent role at the combined company, Moonves has long said that when de- editor, or combative comments written such as a seat on the board. veloping shows he consults with his inter- over an article and sent via fax machine. Moonves has a long memory. More national sales team to determine if there At industry forums, he pugnaciously de- than a decade ago, Dauman had a Viacom will be a market for them overseas. fended his network and needled his com- board seat because he was Sumner Red- The emergence of streaming video on petitors. stone's attorney. So Dauman was poised Netflix, Amazon and other online sites In recent years, he has been more but- to step into the CEO role in 2006 when has created more buyers for CBS pro- toned-down as the chief executive of a Sumner Redstone fired Freston. grams. Moonves put CBS and Showtime publicly traded company, but still enjoys Just two years ago, the Redstones into the streaming business with subscrib- holding court with the press. Moonves has pushed out several longtime Viacom er-based "over-the-top" digital channels. been known to micromanage staff mem- board members. A few months later, they Moonves also led the charge to extract bers. But they have been rewarded by got rid of Dauman, and Bakish ultimately revenue from cable and satellite compa- sharing in the network's success and are replaced him. nies for carrying his network-owned sta- considered the most loyal crew in the "History repeats itself," said one per- tions on their systems. Many people in the media business. son close to the Redstone family who was media industry scoffed at the notion that Many of his top lieutenants, such as not authorized to comment. the network could get paid for a signal CBS Entertainment President Kelly Kahl, Most media industry observers and that was available to viewers over the air have worked with Moonves over two dec- analysts believed Moonves was dealt a for free, but Moonves stood firm. ades. Whenever CBS throws a major lousy hand when Redstone split CBS and Retransmission revenue and fees CBS event for advertisers or the press, the fa- Viacom. CBS was saddled with the ma- collects from its affiliated TV stations miliar faces seen year after year evoke the ture broadcast TV business, which was have grown and are expected to reach feeling of a family wedding or bar mitz- facing increased competition from edgy $2.5 billion a year by 2020. It has become vah. cable channels such as FX and AMC. In a crucial source of revenue that has offset If Moonves were forced to depart the breakup, CBS also received premium the slowdown in ad revenue resulting CBS, it could have a ripple effect across channel Showtime, an also-ran to the from lower TV ratings. the executive ranks, as some members of prestigious juggernaut HBO. "There are very few people who con- his team might also head for the exit. Viacom, in contrast, came away with tinue to believe there is a business in Beckman notes that CBS has become Paramount Pictures — much to the cha- broadcasting and Les has been one of a well-oiled machine under Moonves' grin of Moonves, who always wanted to them and he's made it work," said Steve veteran staff and could remain that way run a movie studio.
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