October 8, 2018 / 8:52 PM / 8 days ago

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

(This version of the October 8 story corrects first paragraph to say CBS is a “broadcast and media” company, not a “cable” company)

FILE PHOTO: Leslie Moonves, Chairman and CEO, CBS Corporation, speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 3, 2017. REUTERS/Lucy Nicholson/File Photo

(Reuters) - CBS Corp (CBS.N) will look for potential buyers for the broadcast and media company after an investigation of 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 (VIAB.O), 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 declined to comment to a request from Reuters.

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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