The biggest crime former CBS chairman Les Moonves allegedly perpetrated was not the numerous sexual harassment charges brought against him from many women. No hubris is the lead charge.
Moonves believed his press clippings that he was the savior of free TV and forgot his place in the corporate structure.
He believed he could wrestle control of CBS from Sumner Redstone and his daughter Shari. Moonves launched a palace coup against the Redstones by getting the CBS board of directors to change the shareholder voting rights, which thereby diluted the Redstone’s majority stake.
The Moonves move initiated a flurry of legal maneuvers that really will never come to a decision, since the court of public opinion have already give up a verdict of guilty and Moonves will pay dearly for his hubris.
The black eye on CBS will heal, and Moonves will leave with millions in walking away money despite what the CBS board said about compensation clawbacks.
And so the winners are the Redstone’s, who will see their original plan to merge CBS with Viacom will happen in 2019.