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CBS consolidating probes of CEO, news organization, overall company culture

CBS Corp. is consolidating oversight of various investigations into alleged misconduct at the company, CBS News reported Aug. 7.

Recently, CBS Corp.'s board hired law firms Covington & Burling and Debevoise & Plimpton to investigate allegations of sexual misconduct against company Chairman, President and CEO Les Moonves. In a statement, Moonves said that he "may have made some women uncomfortable by making advances," but never used his position to harm anyone's career.

CBS' board is consolidating the investigations into claims against Moonves, CBS News and overall company culture. The board said the law firms in charge of the investigation will report to the board directly instead of management and there will be options for employees to share information anonymously.

An investigation focused on CBS News specifically was expected to be completed in August.

The growing number of sexual misconduct cases in Hollywood and elsewhere has captured the attention of Wall Street, as investors concerned about the financial fallout have begun calling for improvements in corporate culture, diversity and transparency to mitigate future damage.