Les Moonves Net Worth: Why He Resigned From New CBS?

Les Moonves Net Worth? Media mogul Les Moonves hails from the United States. From 2003 until his resignation in September 2018, he presided over CBS Media as its chairman and CEO. CBS reported that over the course of 12 years, Les Moonves received $650.2 million in salary, according to SEC filings. He made an average of $70 million a year throughout his prime earning years.

After The New Yorker published a second piece on September 9 revealing sexual harassment and assault charges against CBS CEO Les Moonves, Moonves resigned. Les was terminated with over $180 million in salary and benefits still to be paid out. CBS stated that all financial exit packages would be withheld awaiting the outcome of the inquiry into the allegations. Together, CBS and Moonves gave $20 million to #metoo organizations, money that will be subtracted from his eventual payout. CBS has not yet paid the remaining $160 million as of this writing.

Early Life And Career

Les Moonves’ full name is Leslie Roy Moonves, and he was born on October 6, 1949, in Brooklyn, New York. His mother was a nurse, and both of his parents are Jewish. Multiple petrol stations in the region belonged to his late father’s business empire. He and his three brothers and one sister spent their formative years in the New York community of Valley Stream. After graduating from Valley Stream Central High School, he enrolled at Bucknell University to pursue a pre-med major.

As a sophomore, he decided Spanish would be more interesting than science and made the transition. He discovered his passion for acting during his time at university and went on to star in various productions.

He graduated in 1971 and then relocated to New York to pursue an acting career. He attended the Neighborhood Playhouse, where notable actors such as Jeff Goldblum, Grace Kelly, Burt Reynolds, and Steve McQueen formerly studied. He was a bartender at the time, and he made his living in Greenwich Village.

He appeared in a few episodes of Barbary Coast, Cannon, and The Six Million Dollar Man in the mid-1970s. His first job out of college in New York City was working as an assistant to legendary casting director Caro Jones, who was responsible for the casting of more than a thousand films. In his early days of trying to break into the performing world, he realized he would have more success producing plays at small local theatres than acting in them.

While he was producing a play, he uprooted and headed to the City of Angels. Living there, he was able to produce the critically acclaimed play The Hasty Heart, which landed him a job at Columbia Pictures.

Executive Career

In 1979, he started working in the development department of a Columbia Pictures-owned film production company, marking the beginning of his career in the film industry. In 1981, he departed to join 21st Century Fox, where he worked in the film and television development department. Before Lorimar Television was sold to Warner Bros. in 1991, he had worked his way up from being the company’s head of creative affairs in 1984. After the sale, he was still able to keep his job.

Les Moonves Net Worth

He became Warner Bros. president in 1993. He handled production on several successful series, including “Friends” and “ER.” After leaving Warner Bros. in 1995, he was appointed to president of entertainment at CBS Television in 1997, and then to president of CBS Television in 1999. Also, read about Vontae Davis Net Worth

Television hits including “King of Queens” and “Everybody Loves Raymond” aired on the network during his presidency, as did the reality show “Survivor” and the police drama “CSI” in the 2000s. When he took over as CEO, the network was already on its way to becoming a huge success. They had the popular procedural police drama “NCSI,” which had produced multiple spin-offs, while the “CSI” franchise had already spawned two profitable spin-offs by 2003.

His focus as CEO of CBS Corporation shifted to the company’s operations and financial success, but it didn’t mean he gave up all his say in the company’s creative direction. In 2005, he was publicly identified as the top executive responsible for the decision to discontinue “Star Trek: Enterprise.” Through all of CBS’s mergers and shifts in ownership and partners, Moonves has been a constant.

In 2013, he succeeded Sumner Redstone as executive chairman of CBS and was inducted into the Television Hall of Fame. In 2016, he came under fire for endorsing Donald Trump’s candidacy as good for TV ratings and advertising income regardless of politics.

Earnings Of Les Moonves

CBS paid Les Moonves at least $50 million in total remuneration between 2010 and 2017. He earned $70 million in 2017. With that salary, he became the highest-paid executive in the history of the Hollywood film industry. During his time at CBS, we estimate that Les earned around $650 million before taxes.

Why He Resigned From CBS?

Moonves was accused of sexually assaulting a CBS intern in September 2018. After his departure, CBS intended to cut the $180 million and production deal he was owed under his contract if the charges were proven accurate. About a week after the accusations and speculation about his leaving became public, he submitted his resignation. Also, read about Somaya Reece Net Worth

Moonves’s exit agreement required him to make a donation to the “#MeToo” movement fund in an amount equal to the amount the business deducted from his severance, up to $20 million.

The corporation announced the 18 charities and nonprofits that received donations that year in December. CBS made the announcement just before the end of the year that Moonves would not get the severance package that was originally written into his contract owing to the findings of the investigation. While Moonves has sued CBS, the network has not been ordered to pay the $120 million he is seeking.

Personal Life

In 1978, Moonves tied the knot with Nancy Wiesenfeld, with whom he had three children. The split occurred in 2004. He asked the court to hurry up and make the divorce official so that he could “return to the status of being unmarried,” and thirteen days later he wed news anchor and producer Julie Chen. Back in 2013, she became a mother to a baby boy.

Les Moonves Net Worth

Les Moonves Net Worth is estimated to e around $400 Million currently. Les and his wife Julie Chen reside in a 10,000-square-foot Beverly Hills estate that he purchased for $14 million in 2006. Reportedly, CBS forked over $500,000 to build a screening room in the home. After spending $28 million on a Malibu property in 2014, Les bought it from Microsoft.

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