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CBS said Friday it is investigating personal misconduct claims after the company's chief executive, Les Moonves, was the subject of a New Yorker story detailing sexual misconduct allegations.CBS Corp.'s stock fell 6 percent – its worst one-day loss in nearly seven years – as the reports of the misconduct allegations began to circulate around noon Friday, triggering investor concerns Moonves might be forced to step down. The allegations come as CBS is in the middle of a legal battle with its controlling shareholder, National Amusements, which has been pushing for a merger with Viacom, also controlled by National Amusements.CBS and Viacom were once part of the same company, known as Viacom, but were split in 2005 into separate entities, both controlled by Sumner Redstone. Moonves, one of the most powerful executives in media, has led CBS for two decades, including the 12 years since it split from Viacom.He revived the company, which operates the CBS network, Showtime and other entities, with hit shows like "NCIS" and "The Big Bang Theory". While CBS' stock took a hit, Viacom's rose sharply as investors anticipated that a combination of CBS and Viacom could become more likely should Moonves be forced out.
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