On Friday, in response to the expected Farrow report, the independent directors of the board said they would look into the charges made in the forthcoming article. "Upon the conclusion of that investigation, which involves recently reported allegations that go back several decades, the Board will promptly review the findings and take appropriate action".
The story has yet to be published.
CBS' independent directors affirmed their "full support" for Moonves and his management team in the statement acknowledging the allegations and the plan to initiate an investigation.
According to The Hollywood Reporter, Farrow's piece is about CBS as a whole, including Moonves, who is said to be accused of sexual misconduct in the past. In May, Moonves' CBS sued Redstone to stop her from taking control of company.
A spokesperson at CBS said Moonves has "no additional comment at this time".
The New Yorker declined to comment, citing its policy of not commenting on reporting efforts before publication.
Moonves, a former actor who rose through the ranks to lead CBS, is separately embroiled in a legal dispute with Shari Redstone, who controls the company. He went on to launch CBS All Access, home to Star Trek Discovery and The Good Fight.
CBS owns the CBS TV network, cable network Showtime and the publisher Simon & Schuster. CBS shares fell by more than 6 percent after the report. Moonves was the president and CEO of CBS television from 1998 to 2003, then becoming chairman and CEO of CBS itself in 2003. The statement added: "We will continue to focus on creating value for our shareowners".