CNBC's David Faber has learned that CBS' board is deep in settlement talks with CEO Les Moonves that would result in his departure and the appointment of COO Joe Ianniello as his interim replacement.
Viacom reported a drop in revenue due to declining domestic advertising sales and fees it collects from cable TV operators.
Moonves has been embroiled in a public dispute with principal owner National Amusements Inc., whose president, Shari Redstone, is on the CBS board.
A demand letter sent last year by Moonves to Redstone is playing out in the boardroom battle, says the New Yorker columnist and best-selling author.
A Delaware judge ruled in favor of National Amusements' bid to challenge a voting control plan.
CBS, which is in tough merger talks with Viacom Inc, topped revenue and profit estimates on Thursday.
Viacom has asked CBS to sweeten its merger bid by about $2.8 billion or almost a quarter more than CBS's offer, people familiar with the matter said.
CNBC's David Faber reports the latest on the potential deal between CBS and Viacom.
Media mogul Sumner Redstone has resorted to communicating through an iPad preloaded with clips of his voice saying "yes," "no" and what he REALLY thinks.
The broadcast media company's earnings come amid chatter over its potential recombination with Viacom.
Shari Redstone has discussed adding new directors to the CBS board as she renews her push to merge the company with Viacom.
As Rupert Murdoch moves to sell off wide swaths of his media and entertainment business, he is also throwing into confusion the line of succession.
CNBC's Julia Boorstin provides highlights from this year's Code Conference where CBS & Viacom Vice-Chair Shari Redstone commented on the future of Viacom and the potential of new digital content. And Time Warner's Jeff Bewkes weighs in on the tech-content connection.
Redstone has sued Sydney Holland and another ex-girlfriend over $150 million in gifts he gave them over the years.
CNBC's Julia Boorstin reports the latest on Sumner Redstone and the Viacom board, where Redstone will retain his chairman emeritus title and participate in a non-voting way.
CNBC's Carl Quintanilla reports that Sumner Redstone has announced via a proxy that he will be stepping down from the board of Viacom in February.
Sydney Holland's legal action comes three days after she claimed Redstone paid millions of dollars to multiple women.
Media titan Sumner Redstone gave out many millions of dollars to multiple mistresses, new legal filings claim.
Mario Gabelli, GAMCO Investors chairman & CEO, weighs in on the likelihood of a Viacom/CBS merger and why he would like to see Bob Iger run it. Also Gabelli shares his thoughts on the AT&T/Time Warner deal, and the future of News Corp.
The media mogul says he was forced to borrow $100-million from the private company that holds his voting shares of CBS and Viacom.