Footage of CNN's coverage of the allegations then played, explaining the details of Ronan Farrow's New Yorker report, which included accusations from six women that Moonves acted inappropriately towards them.
USC's Annenberg School for Communication and Journalism also announced Wednesday morning that it would hold off on using the media center's current title, "The Julie Chen/Leslie Moonves and CBS Media Center", for the time being until the investigation against Moonves has concluded.
To help with the investigation, a special committee of board members has been formed with Bruce S. Gordon, Linda Griego and Robert N. Klieger.
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. The Independent Directors of CBS have committed to investigating claims that violate the Company's clear policies in that regard.
Statement: The Time's Up movement tweeted: "We are watching". I recognize that there were times decades ago when I may have made some women uncomfortable by making advances.
The investigation will also look into recent allegations that the culture at CBS and CBS News tolerated abusive behavior. "Those were mistakes, and I regret them immensely".
At the start of an analysts conference call on CBS earnings that was also broadcast on business television CNBC, the company said it would not take questions about Moonves' reported behavior or its legal battle with majority shareholder Shari Redstone over control of the US media group.
"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", Moonves said.
"All allegations of personal misconduct are to be taken seriously", according to the statement.
Larry Hamermesh, a professor at Widener University Delaware Law School in Wilmington Delaware, said that the board would want to place Moonves on administrative leave if it believed there was a risk he could act inappropriately while remaining in his position.