Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Illustration: Sarah Grillo/Axios

The dramatic departure of longtime CBS chief Les Moonves Sunday night came amid a flurry of big announcements from the company, including adding more women to its board, a legal settlement with its parent company and a $20 million donation to #MeToo causes pulled directly from Moonves' severance package.

Why it matters: Moonves is one of the most prominent corporate executives to be brought down by the #MeToo movement, and the drama that surrounds his exit will force CBS to fundamentally change as a company, with a ripple effect on the broader industry.

Perhaps the most significant impact of Moonves' departure will be the tone it sets for the media industry when it comes to responsible corporate governance.

  • Reports over the past year suggest that CBS' highest executives and governors, and to a small extent stakeholders, were complicit for years in allowing a culture of misogyny and misconduct.
  • Sources say that the board didn't take enough action on Moonves when the first Farrow report came out, because it wanted to wait for the outcome of its own internal investigation.
  • But the optics of leaving Moonves in place and letting him lead an earnings call without addressing the issue were bad. Companies that don't move more quickly on such reports will look like they learned nothing from this example.

CBS has overhauled its board to remove six white men and include three new women, and one African American man. It also means there will be a new board for CBS majority stakeholder Shari Redstone to work with.

  • Sources confirm the New York Times' reporting to Axios that Redstone helped pick its' new board members and that they were endorsed by the larger board.
  • The settlement affirms that her holding company, National Amusements Inc. (NAI) cannot propose a new merger between CBS and its former sister company Viacom (a merger Moonves led a fierce fight to avoid), for two years, but it doesn't exclude the independent boards from either CBS or Viacom from initiating the transaction.
  • It also says that a merger could still occur if at least 2/3 of the directors not affiliated with NAI request that it do so.

The new settlement agreement also formalizes NAI's position that it won't restrict CBS’s ability to explore all strategic opportunities, including a possible sale to a bigger tech or telecom company.

  • NAI will retain its right to vote on any potential transaction, but has said that it is open to eventually relinquishing its voting control. CBS sees this as a win, because it means all that strategic options, including a potential sale (if it can find an appropriate buyer), are on the table.

Moonves wasn't just a corporate executive; he was also a programming wizard and a Madison Avenue charmer, and he used those skills to revive the business of the once-struggling broadcaster and to win over Wall Street.

  • "Moving past the Moonves era will be a challenge for the next CEO, given the company’s performance on his watch," The Wall Street Journal's Keach Hagey and Joe Flint write in a new piece.

Go deeper: I discussed the saga with Axios' Dan Primack on his latest Axios Pro Rata podcast. Listen here.

Go deeper

Updated 6 hours ago - World

Skripal poisoning suspects linked to Czech blast, as country expels 18 Russians

Combined images released by British police in 2018 of Alexander Petrov (L) and Ruslan Boshirov, who are suspected of carrying out an attack in the in the southern English city of Salisbury using Novichok, a military-grade nerve agent, and also the2014 Czech depot explosion. Photo: Metropolitan Police via Getty Images

Czech police on Saturday connected two Russian men suspected of carrying out a poisoning attack in Salisbury, England, with a deadly ammunition depot explosion southeast of the capital, Prague, per Reuters.

Driving the news: Czech officials announced Saturday they're expelling 18 Russian diplomats they accuse of being involved in the blast in Vrbětice, AP notes. Czech police said later they're searching for two men carrying several passports — including two with the names Alexander Petrov and Ruslan Boshirov.

Indianapolis mass shooting suspect legally bought 2 guns, police say

Marion County Forensic Services vehicles are parked at the site of a mass shooting at a FedEx facility in Indianapolis, Indiana, on Friday. Photo: Jeff Dean/AFP via Getty Images

The suspected gunman in this week's mass shooting at a FedEx facility in Indianapolis legally purchased two "assault rifles" believed to have been used in the attack, police said late Saturday.

Of note: The Indianapolis Metropolitan Police Department's statement that Brandon Scott Hole, 19, bought the rifles last July and September comes a day after the FBI told news outlets that a "shotgun was seized" from the suspect in March 2020 after his mother raised concerns about his mental health.

U.S. and China agree to take joint climate action

US Special Presidential Envoy for Climate John Kerry waves as he arrives at the Elysee Presidential Palace on March 10, 2021 in Paris. Photo: Chesnot/Getty Images

Despite an increasingly tense relationship, the U.S. and China agreed Saturday to work together to tackle global climate change, including by "raising ambition" for emissions cuts during the 2020s — a key goal of the Biden administration.

Why it matters: The joint communique released Saturday evening commits the world's two largest emitters of greenhouse gases to work together to keep the most ambitious temperature target contained in the Paris Climate Agreement viable by potentially taking additional emissions cuts prior to 2030.