"The school takes the recent allegations very seriously and will discuss further action when the board convenes in October", according to the school.
Board of Directors announced plans to hire "outside counsel to conduct an investigation" into sexual misconduct allegations made by six women against Moonves.
There were no charges filed in the incident, but Moonves revealed the existence of the investigation to a board committee, which hired a law firm to investigate, according to two people familiar with the matter, the Los Angeles Times reported Thursday.
"If you (CBS) were to take action today and you are wrong, you open yourself up to potential liability", said Charles Elson, director of the Weinberg Center for Corporate Governance at the University of Delaware.
Investigative reporter Ronan Farrow, who was one of three reporters to break the watershed story about media mogul Harvey Weinstein past year, published the Moonves exposé in The New Yorker after speaking to 30 current former and current CBS employees over the course of several months.More news: Martin Devlin: Why the Crusaders will win this year's Super Rugby title
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The state-of-the-art media center's name was changed in 2015 after a pledged gift from CBS, University of Southern California alumna Chen and her husband, Moonves.
Kestenbaum has led independent investigations of sexual misconduct for private schools Choate Rosemary Hall and The Brearley School. In the article, six women recount instances of forcible touching and kissing during business meetings, as well as threats against their careers when they didn't yield to Moonves' alleged advances.
CBS said affiliate and subscription fees revenue, which includes revenue from cable, satellite and streaming TV providers, rose to US$989 million from US$848 million a year before. It was named the Julie Chen/ Leslie Moonves and CBS Media Center.
CBS issued a statement last Friday vowing to investigate the allegations.
As the future of CBS' leadership comes into question, CBS is also locked in a court battle with its parent company, National Amusements, which also owns Viacom. "Those were mistakes, and I regret them immensely". Moonves will have no role in the investigation, CBS said. But I always understood and respected-and abided by the principle-that "no" means "no", and I have never misused my position to harm or hinder anyone's career.