CBS has set its annual shareholder meeting for Dec. 11, 2018.
That date follows two previous postponements: One in May due to a legal battle with controlling shareholder Shari Redstone and her National Amusements Inc. company, and the other in August after numerous sexual misconduct allegations against now-former CBS chief Leslie Moonves became public.
Here is CBS’ language straight from Tuesday’s SEC filing:
CBS Corporation (the “Company”) has fixed December 11, 2018 as the date for the 2018 Annual Meeting of Stockholders (the “2018 Annual Meeting”) and the close of business on November 6, 2018 as the record date for determining the holders of shares of the Company’s Class A Common Stock entitled to notice of and to vote at the 2018 Annual Meeting and any adjournment or postponement thereof and the holders of shares of the Company’s Class B Common Stock entitled to notice of the 2018 Annual Meeting. The Company will file with the Securities and Exchange Commission and deliver to stockholders definitive proxy materials containing additional information about the 2018 Annual Meeting. The Company has established the close of business on October 19, 2018 as the new deadline for the receipt of any stockholder proposals submitted pursuant to Rule 14a-8 under the Securities Exchange Act of 1934, as amended, for inclusion in the Company’s proxy materials.
CBS had been embroiled in a civil war with National Amusements, with Moonves fighting against a merger to bring the two companies back together. Redstone — after her father, Sumner Redstone, had split the companies in 2006 — was adamantly pursuing reunification. CBS sued Redstone to block her from pushing the merger earlier this year.
That’s now fallen by the wayside, though, with Moonves ousted last month, following several sexual misconduct allegations were reported in the New Yorker. CBS and NAI settled their lawsuit, with NAI saying it will not push for a merger for at least two years.
It’s been a whirlwind year for CBS shareholders as well. Since opening the year at near $60 a share, CBS was battered by the merger battle, pushing shares as low as $48.75 a share in May. CBS shares have rallied slightly since Moonves was removed, increasing 3 percent in the last month to $57.86 a share on Tuesday.
Executive Compensation 2017: Top TV, Film and Tech Bosses Ranked by Pay (Photos)
There's no business like show business, and few bank on that fact yearly quite like Hollywood's top executives.
Scroll through our gallery for to see top TV, film and digital executives ranked by their 2017 executive compensation (updating as more companies release their top execs' packages).
Bob Bakish Viacom CEO 2016: N/A (Predecessor Philippe Dauman made $93 million, thanks to golden parachute) 2017: $20.3 Million Change: N/A
The man at the opposite end of Moonves' very long (we imagine) negotiating table. Bakish is tight with National Amusements controller Shari Redstone, and both of them want the Viacom chief to be Moonves' No. 2 should the re-merger happen.
Ted Sarandos Netflix Chief Content Officer 2016: $18.9 million 2017: $22.4 million Change: +19%
Netflix added 20 million streamers and unleashed a slew of new content in 2017, including "Icarus," the drugs-in-cycling documentary that went on to win an Oscar. At the same time, its share price jumped 50 percent (before rocketing in 2018). Sarandos should take a bow -- and buy a very nice villa in the Mediterranean with his raise.
Reed Hastings Netflix President, Chairman and CEO 2016: $23.2 million 2017: $24.4 million Change: +5%
The Netflix head honcho joined the billionaire's club for the first time in 2017, thanks in large part to the company's gamble on original content paying off in spades. He's not taking a victory lap yet, though, with the streaming giant still firmly set on taking over Hollywood. At CodeCon 2017, he said he's always telling his content team to "get more aggressive," rather than "drive toward conformity."
Steve Burke NBCUniversal CEO 2016: $46.07 million 2017: $46.5 million Change: +0.9%
Burke's overall take for 2017 was roughly flat compared with 2016, but the NBCUniveral CEO managed to again bring in more than his boss at parent company Comcast.
Jeff Bewkes Time Warner CEO 2016: $32.6 million 2017: $49 million Change: +50%
Bewkes damn near matched his entire 2016 pay in 2017 stock options. Sometimes it's not so terrible for your company to be bought out. (You know, if the DOJ allows it.) Half of the Bewkes stock haul covers 2018, too -- an incentive to stick around through this merger.
Leslie Moonves CBS Chairman, President and CEO 2016: $69.6 million 2017: $69.3 million Change: No material change
CBS has been "America's Most-Watched Network" for more than a decade under Moonves, but is any amount of money worth that headache that this possible realignment with Viacom comes with? OK, still yes.