This post has been updated. See below for details.
CBS Corp. Chief Executive Leslie Moonves sold 450,000 shares of CBS stock this week for about $22 million, according to a regulatory filing.
The television titan, whose compensation package last year topped $62 million, acquired the stock as part of his long-term incentive program. The sales, which were part of a regular schedule of sales to avoid the appearance of market timing, occurred on Monday and Tuesday, according to the filing.
Moonves sold the stock in several transactions for prices that ranged from $48.45 a share to $49.63 a share. CBS stock has been trading at all-time highs during the last two months. Shares are up more than 27% so far this year.
On Friday, CBS stock traded at $50 a share.
CBS' flagship broadcast network ended the television season in first place in total viewers and in the key advertising demographic of viewers ages 18 to 49. It was the first time the network won the prized viewership category during Moonves' tenure and since the 1991-1992 television season when "Murphy Brown" and "Murder She Wrote" anchored the prime-time schedule.
In this summer's advertising bazaar, CBS led the broadcast pack with advanced advertising sales of commercial time for the upcoming TV season at more than $2.5 billion.
[Updated, 4:18 p.m. July 5: A CBS spokesman issued the following statement: "This was a previously scheduled sale that was established for estate planning purposes."]
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