CBS releases earnings as Moonves faces allegations

CBS released results for its second quarter at 4 p.m. Eastern time, and CEO Les Moonves is expected to take questions in a conference call with investors starting at 4:30 p.m.

The conference call will be the first time Moonves has spoken publicly since a story last week in The New Yorker cited six women with claims of sexual misconduct or assault against the executive. Moonves denied the allegations in a statement to The New Yorker.

The company announced revenue of $3.47 billion for the period, and profit of $659 million. “During the quarter, each of our three revenue types enjoyed solid growth, led by affiliate and subscription fees, where we continue to see healthy gains in both traditional distribution and new digital platforms,” Moonves said in a prepared release. The release did not address the allegations.

The CBS board on Wednesday night announced that it would retain two law firms to investigate the allegations against Moonves, in addition to the culture at CBS and CBS News.

CBS had previously retained attorney Betsy Plevan of Proskauer Rose to conduct an independent investigation of alleged misconduct at CBS News in the wake of a report by the Washington Post that led to the firing of Charlie Rose, co-host of “CBS This Morning.” That investigation is ongoing and is expected to conclude this month, according to CBS News.  

Since the start of 2006, when Moonves became chief executive, CBS stock has delivered a total return of 589 percent, including dividends. That compares to total returns with dividends of 194 percent for the S&P 500 and 314 percent for CBS’ market segment in the S&P 500 (consumer discretionary goods) during the same period. 

–CBS News’ Jillian Harding, Lex Haris and Irina Ivanova contributed reporting.