Julie Chen Responds to Husband Les Moonves' Sexual Harassment Allegations

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Independent of the alleged Moonves misconduct story, Moonves is now embroiled in a major battle over control of the company with the CBS vice-chair Shari Redstone, which has divided the board.

When asked for comment by ABC News on the anticipated report, the company's independent board of directors said it would investigate the accusations.

Earlier on Friday, before the New Yorker article was published, CBS said in a statement that its board would promptly review the findings and take appropriate action.

In a statement to The New Yorker, CBS said that Moonves has no recollection of the interactions with Jones.

Meanwhile, CBS stock has plummeted in wake of the news. losing about 7 percent of its value.

Six women have made allegations against him, including the actress Illeana Douglas who told the New Yorker that he violently kissed her.

The news has the potential to rock the entertainment business landscape.

Moonves's CBS Corp. also controls Showtime and shares the CW with Warner Bros. Redstone denied that she had anything to do with the report.

FILE PHOTO: CBS chief executive officer Les Moonves arrives at the premiere of CBS Film's "Extraordinary Measures" at Grauman's Chinese Theatre in Hollywood, California, January 19, 2010.

In a statement to the New Yorker, Moonves said he recognised "that there were times decades ago when I may have made some women uncomfortable by making advances". And I think this story is important because it affords us an opportunity to look at not just a fallen producer, like a Harvey Weinstein, someone who used to be in a position of apex power, but a company that still is in a position of primacy and is a really important institution, Judy.

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Douglas then tried, as so many women do, to brush off the incident and find a way to extricate herself without insulting her boss.

The battle between Redstone and Moonves has only intensified of late.

Chen and Moonves began their romance in 2003 when he was still married to wife Nancy Wiesenfeld Moonves. If you've seen the reality TV show Big Brother, then you've seen Julie Chen. In 2006, Viacom spun off CBS Corporation as its own publicly traded entity, and Moonves became its president and CEO.

Moonves has been behind hit franchises such as CSI that, while hardly critics favorites or youth-skewing hits, have helped the network finish highest in total viewers for 15 of his 16 years. The network consistently tops in prime-time ratings.

During the CBS annual Upfronts presentation in May, in which network executives pitched ad buyers on the upcoming TV season, the audience gave Moonves a standing ovation. He went on to launch CBS All Access, home to Star Trek Discovery and The Good Fight.

Moonves has been at CBS since 1995.

"Ms Redstone interfered with the CBS Board nomination process and installed on the Board the Redstones" personal lawyer, who has sought to implement her directives, ' states one. The timing of this report comes in the midst of the Company's very public legal dispute.

The board is hiring an independent company to conduct the investigation.

The New Yorker is set to publish an investigation into sexual misconduct by CBS' CEO Leslie Moonves written by reporter Ronan Farrow.