New York (AFP) – The CBS Corporation announced Friday that it would investigate allegations of misconduct, reportedly to be published by The New Yorker magazine, against chairman and chief executive Leslie Moonves.

The Hollywood Reporter said that The New Yorker is set to publish an article on Friday in which Moonves, one of the most powerful men in Hollywood, is accused of sexual misconduct that includes unwanted kissing and touching.

CBS shares were down 6.6 percent to $53.72, falling suddenly as word of the New Yorker story spread.

“All allegations of personal misconduct are to be taken seriously,” the CBS board of directors announced in a statement.

“The Independent Directors of CBS have committed to investigating claims that violate the company’s clear policies in that regard,” they added.

The article is reportedly written by Ronan Farrow, who won a Pulitzer Prize with The New York Times earlier this year for his reporting on fallen Hollywood mogul Harvey Weinstein, which galvanized the #MeToo reckoning over pervasive sexual harassment in showbiz and other industries.

“Upon the conclusion of that investigation, which involves recently reported allegations that go back several decades, the board will promptly review the findings and take appropriate action,” said the CBS statement.

Forbes estimates Moonves’ net worth at $700 million and calls him one of the highest paid CEOs in the United States.

At CBS, he has launched popular prime time television shows such as “Everybody Loves Raymond,” “Survivor” and “CSI: Crime Scene Investigation.”