Les Moonves will NOT receive $120M exit package from ViacomCBS as the ousted CEO drops his legal battle over 2018 firing amid sexual misconduct allegations
Les Moonves has waved goodbye to his $120 million exit package from ViacomCBS as he dropped the legal battle over his 2018 firing from the TV giant.
ViacomCBS said Friday that the long-running dispute between the company and its former CEO has been 'resolved' and Moonves has agreed to walk away from the multi-million dollar severance package.
The ousted TV boss is receiving some money from the matter though the amount and terms have not been revealed.
Moonves was once one of the most influential names in television but was ousted from CBS in 2018 amid allegations of sexual misconduct and harassment from multiple women spanning three decades.
But Moonves challenged his firing and his $120 million severance was set aside until the matter could be resolved.
Les Moonves (in 2017) has waved goodbye to his $120 million exit package from ViacomCBS as he dropped the legal battle over his 2018 firing from the TV giant
ViacomCBS said Friday that the long-running dispute between the company and its former CEO has been 'resolved' and Moonves has agreed to walk away from the severance package
The long-running dispute was finally put to bed Friday with New York-based ViacomCBS announcing in a Securities and Exchange Commission filing that the matter had been resolved and the arbitration dismissed.
'The disputes between Mr. Moonves and CBS have now been resolved, and on May 14, 2021, the parties dismissed the arbitration proceeding,' ViacomCBS said.
The $120 million, which has been held in a grantor trust while the legal battle played out, will go back to ViacomCBS in its entirety.
It gave no further details of the agreement.
However, Moonves will receive some payment as a result of the resolution, the two parties confirmed in a joint statement.
'Leslie Moonves, CBS and a contractor to CBS have resolved their disputes,' Moonves and ViacomCBS said.
'The cost of the settlement will be borne by the contractor. Mr. Moonves has decided to contribute the entire settlement amount to various charities.
'There will be no further comment regarding this settlement by Mr. Moonves or CBS.'
Leslie Moonves and wife Julie Chen arrive at the Vanity Fair Oscar party in 2016. The ousted TV boss is receiving some money from the matter though the amount and terms have not been revealed
It is unclear how much Moonves received in the settlement.
Sources told CNBC law firm Covington & Burling will pay a settlement fee to Moonves over the matter.
Moonves was one of television's most influential figures, credited for turning around the fortunes of CBS when he took over as entertainment chief in 1995.
He had been one of the highest-paid executives in the nation, making about $70 million a year at the end of his run with the company.
But he rapidly fell from grace when allegations surfaced from multiple women who said he subjected them to mistreatment including forced oral sex, groping and retaliation if they resisted.
Moonves denies all allegations of non-consensual sex.
Moonves was once one of the most influential names in television but was ousted from CBS in 2018 amid allegations of sexual misconduct. One of his alleged victims, Bobbie Phillips, whose accusations helped sink him at the network
CBS hired two law firms - Covington & Burling and Debevoise & Plimpton, to investigate the allegations and whether Moonves had violated the terms of his employment.
The probe found Moonves violated company policy and did not cooperate with the investigation. He was ousted from his role in September 2018.
But the saga took a twist that December when a document prepared by the lawyers investigating Moonves was leaked to the New York Times.
According to the report of the leaked investigation, Moonves lost his job after he tried to stop accuser Bobbie Phillips from sharing allegations of sexual misconduct by giving her a role on a CBS series.
Then, in January 2019, Moonves launched a legal action to fight for his $120 million severance package.
