ViacomCBS says ex-CBS CEO Moonves will not get $120M severance

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NEW YORK (AP) — ViacomCBS stated Friday that former CBS CEO Les Moonves is not going to get his $120 million severance bundle from his firing in 2018, ending a long-running dispute over the cash.

Moonves was ousted in 2018 after an organization investigation into allegations of sexual misconduct spanning three a long time discovered Moonves violated firm coverage and didn’t cooperate with the investigation.

However Moonves challenged the choice and his $120 million severance was put aside till the matter may very well be resolved.

On Friday, New York-based ViacomCBS stated in a submitting with the Securities and Trade Fee that the matter had been resolved, the arbitration dismissed, and the $120 million could be going again to ViacomCBS in its entirety. It give no additional particulars.

Moonves was one in every of tv’s most influential figures, credited for turning across the fortunes of CBS when he took over as leisure chief in 1995. He had been one of many highest-paid executives within the nation, making about $70 million a 12 months on the finish of his run with the corporate.

He was ousted after allegations from girls who stated he subjected them to mistreatment together with compelled oral intercourse, groping and retaliation in the event that they resisted. Moonves has denied any allegations of non-consensual intercourse.

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