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Report: Shari Redstone searching for new CBS CEO

Shari Redstone, the controlling shareholder of CBS Corp., has initiated a search for a new CEO of the company, reported Aug. 8, citing two people close to her.

The sources said Redstone has been inquiring about potential replacements for Chairman, President and CEO Les Moonves, who is facing a probe over allegations of sexual misconduct.

Former Time Warner Inc. CEO Richard Parsons, who is expected to join the CBS board, is forwarding names of potential candidates to Redstone, according to one executive. Representatives for CBS and National Amusements Inc., the holding company through which the Redstone family controls CBS, declined to comment.

Recently, CBS Corp.'s board hired law firms Covington & Burling and Debevoise & Plimpton to investigate the allegations against Moonves.