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