Good morning. Last night at The London West Hollywood: Oprah recalls the email she sent to "Bobby" Iger after seeing Black Panther for the first time.

• Welcome to a Hollywood edition of the Market, including a preview of the storylines that will drive the conversation in Tinseltown in 2019.

Bloomberg

Les Moonves leaves empty

Talk of Tinseltown: CBS has denied Les Moonves his $120 million severance on the grounds that he misled investigators and tried to hide evidence of his sexual misconduct, a devastating financial blow to the man who was once among the most powerful executives in Hollywood.

• Statement from the Board: "We have determined that there are grounds to terminate for cause, including his willful and material misfeasance, violation of Company policies and breach of his employment contract, as well as his willful failure to cooperate fully with the Company’s investigation."

What's Next: Moonves fights back: "The conclusions of the CBS board were foreordained and are without merit," his lawyer Andrew J. Levander said in a statement. "Mr. Moonves vehemently denies any non-consensual sexual relations and cooperated extensively and fully with investigators."

• Moonves may argue that CBS violated the confidentiality terms of his exit agreement by taking the investigation public. In his statement, Levander alluded to a "pattern of leaks that have permeated this 'process.'"

What the lawyers found:

• Lawyers hired by CBS interviewed at least 11 of the women who have accused Moonves of sexual misconduct and found their claims credible.

• The lawyers told the board last week that Moonves had engaged in multiple acts of nonconsensual sexual misconduct since joining CBS in 1995.

• The lawyers also found evidence that Moonves lied to investigators and deleted texts in an effort to hide evidence of his misconduct.

View from the inside: CBS sources who were not authorized to speak publicly tell me there is deep and widespread resentment toward Moonves and say the severance denial is just desserts for the damage he has done to the brand.

The Big Picture: Moonves' fall is among the most dramatic of Hollywood's #MeToo era: A Hollywood kingpin who reshaped television, saved his network and commanded fear and respect across the industry — until he didn't.

Scott Olson/Getty

Joe Ianniello eyes opening

Joseph Ianniello, who has served as acting CEO since Moonves' departure, is a top candidate to take the helm at CBS and has a broad base of support among staff, sources there tell me.

The Latest: Ianniello is using the Moonves investigation to call for a new era of accountability and transparency at CBS, which was found to have had substandard anti-harassment policies:

• In a memo to staff, Ianniello said the end of the investigation "does not mean that our work is done, or that we don’t have significant improvements that will continue to be made."

• Ianniello also provided staff with contact information for himself and other executives in the event employees wanted to register complaints.

The Hurdle: Ianniello was a Moonves deputy, which has made controlling shareholder Shari Redstone more cautious than she might otherwise have been about appointing him CEO.

🎬 Rally the Market: Tell friends and colleagues they can sign up for the newsletter here.

Phillip Faraone/Getty

Netflix raids the Kingdom

Netflix has hired former ABC entertainment chief Channing Dungey to serve as a vice president of original content, the fourth time in a year and a half that Netflix has poached a high-ranking black executive or producer from Bob Iger's Magic Kingdom.

The Cahuenga Pass:

• Shonda Rhimes, the creator of ABC's “Grey’s Anatomy” and “Scandal,” signed a nine-figure deal with Netflix last year and plans to produce at least eight shows for the streaming service.

• Kenya Barris, the creator of ABC's "Black-ish," signed with Netflix in August and will produce shows exclusively for Netflix.

• Tendo Nagenda, the executive vice president of production at Walt Disney Studios, was hired in August to work under Scott Stuber on Netflix's much-talked about film division.

• Channing Dungey, the first black executive to run an entertainment division at a major network, will now oversee projects from Rhimes, Barris and others, as well as Barack and Michelle Obama's new production unit.

Why the last two sting:

• Iger had personally mentored both Dungey and Nagenda earlier in their careers as part of Disney's mentorship program and he had fought hard to keep them from leaving, sources familiar tell me.

The Big Picture: Netflix's hires provide further evidence (as if any was needed) that the streamer is devouring old Hollywood.

• Oh/and: Dungey has a vision. Netflix is "a company whose vast volume of productions share nothing but the platform on which they air," Variety's Daniel D'Addario notes. "By contrast, at ABC ... Dungey can be said to have pursued a unified vision of the network’s identity, shifting toward a middle America-friendly slate of programming that minted a few genuine hits."

Market Links

• Sumner Redstone is ordered under guardianship (WSJ)

• Justin Lin jumps from Sony to Apple (THR)

• Jeff Bridges will receive the Cecil B. DeMille (Variety)

Ray Tamarra/Getty

The Hollywood Black List

"The 2018 Black List, the annual list of favorite unproduced screenplays based on an industry survey, was unveiled Monday afternoon," THR's Etan Vlessing reports. The list, made by film exec Franklin Leonard, is compiled by asking more than 300 film executives for their 10 favorite unproduced scripts.

This year's list includes films about:

• Wendi Deng, the second wife of Rupert Murdoch, by Amy Wang.

• Matt Drudge and the Monica Lewinsky scandal, by Cody Brotter.

• Facebook's Cambridge Analytica scandal, by Scott Conroy.

• Richard Williams, father of Venus and Serena, by Zach Braylin.

Why It Matters: "Since the Black List’s creation in 2005, more than 325 of its scripts have been produced, and those films have grossed more than $26 billion at the worldwide box office."

Matt Winkelmeyer/Getty

Tinseltown in 2019

Here are five storylines that will captivate Hollywood in 2019, per an informal survey of our smartest industry insiders.

1. Disney, AT&T, Apple enter the stream: Disney and AT&T's WarnerMedia plan to launch their own Netflix competitors by the end of next year, while Apple is ramping up its own original content offerings. Who will roll out the better product? And can Netflix survive on its own programming after Disney and AT&T pull their original content?

2.. Netflix vs. Hollywood at the Oscars: The 90th Academy Awards on Feb. 24 will test whether or not Netflix's push into high cinema — that is, "Roma"— can upend the studio status quo. A victory for Hastings, Sarandos & Stuber would also bolster Netflix at a time when there are mounting questions about how long it will be able to keep amassing debt.

3. #MeToo Part Two: While Harvey Weinstein (and maybe Les Moonves) are in court, some of the #MeToo era's foremost journalists will be publishing new books about the sexual misconduct scandals that have shaken Hollywood and the nation. One from Jodi Kantor and Megan Twohey, another from Ronan Farrrow.

4. The Disney-Fox cuts: Disney's ingestion of 21st Century Fox will bolster the Magic Kingdom's standing in Hollywood but will also bring some pain: The overlap in roles at both studios has already led to cuts, even in the C-Suite. How Bob Iger navigates that will be a test in his final years at Disney's helm.

5. The Box Office holds on: Hollywood's domestic box office continues to thrive despite widespread fears that streaming services are upending the movie-going experience. With the window for theatrical releases contracting, will people continue going to theaters?

What's Next: Still waiting on that Oscars host ...

See you tomorrow.