Les Moonves attends the 2017 CBS Upfront at The Plaza Hotel. Photo: Taylor Hill/FilmMagic

CBS' Board of Directors announced Wednesday evening they unanimously approved to assign two law firms to carry out investigations into misconduct by CEO and Chairman Les Moonves — Covington & Burling and Debevoise & Plimpton.

Why it matters: The Board has not moved quickly to suspend Moonves, who is expected to speak the broadcaster's third quarter earnings call Thursday, per Fox Business. It wants to ensure investors that its taking the allegations into Moonves' behavior seriously.

The details: Moonves will be entirely recused from the investigation, which will also look into CBS News and cultural issues at all levels of CBS.

  • Leading the investigation will be Nancy Kestenbaum for Covington & Burling and Mary Jo White for Debevoise & Plimpton.
  • CBS has formed a special committee of Board members to help facilitate the investigation, including Bruce S. Gordon, Linda Griego and Robert N. Klieger. serve as Lead Independent Director of the Board of Directors.

Go deeper: Les Moonves remains... for now

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Bryan Walsh, author of Future
1 hour ago - Health

Rockefeller Foundation commits $1 billion for COVID-19 recovery

A health worker performs a COVID-19 test in New Delhi. Photo: Raj K Raj/Hindustan Times via Getty Images

The Rockefeller Foundation announced on Monday that it will allocate $1 billion over the next three years to address the pandemic and its aftermath.

Why it matters: The mishandled pandemic and the effects of climate change threaten to reverse global progress and push more than 100 million people into poverty around the world. Governments and big NGOs need to ensure that the COVID-19 recovery reaches everyone who needs it.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Ex-FDA chief: Pence campaigning after COVID exposure puts others at risk — Mark Meadows: "We are not going to control the pandemic"
  2. Health: 13 states set single-day coronavirus case records last week — U.S. reports over 80,000 new cases for second consecutive day.
  3. World: Italy tightens restrictions Spain declares new state of emergency.
  4. Media: Fox News president and several hosts advised to quarantine after possible COVID-19 exposure

Fox News president and several hosts advised to quarantine in COVID-19 precaution

A political display is posted on the outside of the Fox News headquarters on 6th Avenue in New York City in July. Photo: Timothy A. Clary/AFP via Getty Images

Fox News President Jay Wallace and anchors Bret Baier and Martha MacCallum are among those recommended to get tested and quarantine after possible exposure to COVID-19, the New York Times first reported Sunday night.

The big picture: The Fox News contingent, which also included "The Five" show hosts Juan Williams and Dana Perino, were on a charter flight from Nashville to New York following Thursday's presidential debate with a person who later tested positive for the coronavirus.