Julie Chen briefly addresses Les Moonves allegations on 'The Talk'

Three days after CBS Corporation president Les Moonves was accused of decades of sexual harassment, Stephen Colbert had the unenviable task of addressing the allegations leveled against his boss.

Later, after word of the incident, or at least the upset it had caused, got back to Moonves, he called Jones and threatened to ruin her career.

The company has shed more than $1.5 billion in value since Friday, when the New Yorker publishing a damning expose featuring accusations from six women about sexual misconduct involving Moonves.

CBS's lack of immediate action against Moonves was a "slap in the face to the courageous women who came forward", said Melissa Silverstein, founder of the blog Women and Hollywood, in a Twitter post, as social media reacted quickly to CBS's announcement.

In a statement issued by CBS the company confirmed it is "in the process of selecting outside counsel to conduct an independent investigation".

The board was already scheduled to meet on Monday as the company is scheduled to report its second quarter earnings on Thursday.

Following Monday's board meeting, CBS announced that it postponed the company's 2018 annual meeting of stockholders that was previously scheduled for August 10 until further notice.

The statement from the board also did not address claims in The New Yorker about the culture at "60 Minutes" and its executive producer Jeff Fager.

Moonves, 68, acknowledged Friday that "decades ago" he "may have made some women uncomfortable". "Those were mistakes, and I regret them immensely", he said.

At least 10 dead as 6.4 quake hits Indonesia
An official from Mount Rinjani National Park said more than 500 hikers and their guides were stranded. He said at least 162 people were injured, including 67 who were hospitalized with serious injuries.

But he also denied having ever retaliated by harming anyone's career.

"I have known my husband, Leslie Moonves, since the late '90s, and I have been married to him for nearly 14 years", Chen wrote.

When Colbert found out Ronan Farrow, who reported on the Harvey Weinstein allegations, wrote the Moonves article, the Late Show host spit out his water and chose instead to take a sip of whiskey.

He continued: "I don't know what's going to happen, but I do believe in accountability - and not just for politicians you disagree with".

"He has stood by us when people were mad at me, and I like working for him", Colbert said.

Shares of CBS fell 5.1 percent to $51.28 at the close of the New York Stock Exchange, and are down 13 percent this year.

If Moonves is suspended or departs altogether, CBS will face a serious power vacuum at a time of rapid change roiling the industry.

Moonves, who has run the current CBS since 2006, has steered the company aggressively into the streaming arena.

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