HOLLYWOOD, July 6 (UPI) -- CBS Corp. President and Chief Executive Officer Les Moonves sold 450,000 shares of company stock, earning an $11.6 million profit, a regulatory filing shows.
The filing shows Moonves bought the shares Monday and Tuesday at $23.19 a share, for a total of about $10.44 million under the exercise price on stock options he's allowed under a long-term incentive plan, The Hollywood Reporter said.
He then sold the shares in three lots Wednesday, one for an average of $49.02 a piece, another at an average of $49.10 and a third at an average of $49.51. The total sale was worth $22 million, giving him a profit of about $11.6 million, the filing said.
The purchase and sale were part of a regularly scheduled plan, a CBS spokesman said.