According to a report published by HuffPost on Thursday, Moonves targeted Jackson because he felt she wasn't apologetic enough after her breast was exposed during the performance when singer Justin Timberlake ripped off a piece of fabric from her costume.
CBS and Moonves have yet to comment on the report.
Amid a legal dispute over control of CBS Corporation, the company's board of directors is arranging an exit plan for CEO Les Moonves, who is under investigation for allegations of sexual harassment, The Wall Street Journal reported.
Influential CBS boss Les Moonves reportedly harbored a grudge against singer Janet Jackson, after her notorious 2004 "wardrobe malfunction" that may have had a significant negative impact on her career.
At the time, Moonves was Viacom's co-president and co-chief operating officer and chairman of CBS. The Federal Communications Commission issued a $550 000 fine to MTV and CBS as producers of the half-time show.
Timberlake finally got a reprieve when he offered a tearful apology, but according to HuffPo, Jackson was not - in Moonves estimation - properly contrite. Moonves allegedly asked. Another source told the publication Moonves said heads would roll as a result.
"How the f-- did she slip through?"
Multiple sources told HuffPost that Moonves considered Jackson "not sufficiently repentant" for the incident and subsequently banned her music from MTV, VH1, and other Viacom-owned properties.
Seven years later, in 2011, Moonves continued his crusade when he learned that Jackson had signed a book deal with Viacom-owned publisher Simon & Schuster.
While Timberlake seemed to come out unscathed after the ordeal and after issuing an apology, Jackson however suffered after the sales of her "Damita Jo" album the same year, tanked. CBS said it would investigate the claims, which Moonves portrayed as "advances", added in a statement that he "never misused my position to harm or hinder anyone's career". It also comes a month after he New Yorker published a story in which six women accused Moonves of sexual misconduct.