A source told CNN that Moonves would be out before the investigation was over.
In a statement released Sunday, the company announced that Chief Operating Officer Joseph Ianniello will temporarily replace Moonves, who has been dogged by allegations of sexual misconduct. Farrow previously published a Pulitzer Prize-winning report about now-disgraced movie producer Harvey Weinstein. The reported nine-figure "exit package, is said to be contingent on whether more accusers come forward". He's been paid handsomely for his success, earning just under $70 million in both 2017 and 2016.
Moonves' departure comes as part of a sweeping series of agreements that formally end hostilities between CBS and the media company's controlling shareholder.
However, amid these recent allegations, two sources cited by the Los Angeles Times have claimed that Moonves is reportedly expected to resign from his position at the network, which he's held for 15 years, either late Sunday evening or early Monday morning, September 10. Recent reports indicated a potential payout in the range of $100 million.
One accuser, Phyllis Golden-Gottlieb, filed a criminal complaint with the LAPD previous year, the New Yorker reported, detailing allegations of physical violence and forced oral sex by Moonves, which unnamed law enforcement sources told the magazine were credible, though the relevant statutes of limitations had already expired.
The new claims detailed in the New Yorker include that Moonves physically exposed himself to women without their consent, and forced women to perform oral sex on him.
Writer Linda Silverthorn, who says she had consensual sexual encounters with Moonves when she was an assistant and he was a vice president at 20th Century Fox, tells Farrow she was harassed when she arrived for a business meeting six years later, in 1990, at Warner Bros., where Moonves was an executive.
Moonves denied the allegations, and characterized his relationships with some of the women as consensual.
Not that CBS is likely to act on Moonves' version of events.
"In my 40 years of work, I have never before heard of such disturbing accusations", the CBS boss continued. "Anyone who knows me knows that the person described in this article is not me".
The resignation is effective immediately, CBS said in a statement posted on its website on Sunday night.
"Remember that the world is watching", Time's Up said in a statement. The Sumners own 79.8% of the Class A common voting stock of Viacom Inc and 10% of the Viacom's overall equity. She stood in support of her husband when the first allegations hit last month. The donation will be made immediately, the statement said, and deducted from any severance he ultimately receives.
It's hard to imagine CBS without Moonves. Accusations by six other women, which appeared in the same magazine in July, had sparked an investigation by CBS. If the investigation proved the allegations true, then the CBS board wants the right to take back some of that money, according to CNBC.
What has Mr Moonves said?He took over the broader CBS Corp.in 2006 but kept his hand in entertainment duties, down to casting decisions for new shows.
On one level, this is a clear victory for Redstone, whose father Sumner Redstone bought CBS nearly twenty years ago. He starred in each year's presentation, often in elaborate filmed skits. He's been battling National Amusements over board control, in addition to the harassment complaints.
The trade report adds that this big shift could wind up changing things in a major way behind the scenes at company - even bigger than you might normally see in a situation where a CEO is ousted from his position.