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CBS to look for potential buyers after Moonves probe ends - Fox journalist

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CBS to look for potential buyers after Moonves probe ends -  Fox journalist
The CBS Television Studios campus is seen in Los Angeles, California, U.S. August 3, 2018. REUTERS/Lucy Nicholson   -   Copyright  Lucy Nicholson(Reuters)
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(Reuters) – CBS Corp would look for potential buyers for the cable company after a probe on its former Chief Executive Officer Leslie Moonves ends, a Fox journalist tweeted on Monday.

Moonves, who stepped down last month following allegations of sexual harassment, had opposed efforts by controlling shareholder Shari Redstone and her father Sumner Redstone to merge CBS with Viacom Inc, another company they own.

CBS board will also soon begin to test the market for a potential buyer after conclusion of Moonves probe,” Charles Gasparino, a Fox Business Network journalist, tweeted

Shares of the company closed up 3 percent at $57.04 on Monday.

Gasparino also tweeted that CBS interim CEO Joe Ianniello is one of the front runners for the top job.

CBS did not immediately respond to Reuters request for a comment.

Long viewed as a successor to Moonves, former chief operating officer Ianniello was instrumental in the company’s success after its split from Viacom in 2006.

He has overseen CBS’s transformation from traditional television and radio broadcaster to a supplier of shows to digital platforms and the launch of its own streaming TV service.

(Reporting by Vibhuti Sharma in Bengaluru; Editing by Arun Koyyur)

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