CBS CEO Sells $22M in Company Stock

by Christopher Freeburn | July 8, 2013 11:05 am

lesliemoonvesCBS 213x300 CBS CEO Sells $22M in Company Stock[1]Last week, Leslie Moonves became $22 million richer[2].

The CEO of CBS (CBS[3]) sold 450,000 of the broadcast giant’s shares on July 1 and July 2. CBS said that the stock sales had been previously scheduled and were made for “estate planning purposes,” the Los Angeles Times┬ánotes.

Moonves’ share sales come as CBS stock trades near record highs. The company’s shares have risen 27% since the beginning of the year.

As CEO, Moonves received total compensation of $62 million last year. He sold shares last week for $48.45 and $49.63 a share.

In May, Moonves told an audience at an investment conference that CBS could switch to a subscription-only model[4] in “a few days” if the courts ruled in favor of streaming media startup Aereo, which is transmitting broadcast programming to subscribers without paying retransmission fees. CBS has joined other broadcasters — including Disney‘s (DIS[5]) ABC, Comcast‘s (CMCSA[6]) NBC and News Corp.‘s (NWSA[7]) Fox —┬áin suing Aereo for infringing on their programming.

Shares of CBS rose almost 1% on Monday morning, trading above $50 a share.

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