Disgraced ex-CBS chief executive Les Moonves has agreed to walk away from the $120 million exit package he lost when he was fired in 2018, ViacomCBS said.

In a Securities & Exchange Commission filing on Friday, the company behind “SpongeBob SquarePants” and “NCIS” said its dispute with Moonves over the severance has been “resolved.” Some money was exchanged as a result, the company said.

But Moonves’ $120 million severance package, which has been held in trust since his firing, will “revert to the company.”

It’s unclear how much the former TV executive received in settling the matter, but the parties said it will all be donated to charity.

“Mr. Moonves has decided to contribute the entire settlement amount to various charities,” Moonves and ViacomCBS said in a joint statement Friday.

The former CBS boss resigned in a cloud of controversy in December 2018 following accusations of sexual harassment and assault.

Les Moonves CBS settlement
Les Moonves and his wife Julie Chen in 2017.
Paul Bruinooge/Patrick McMullan via Getty Images

His contract stipulated a potential severance payment as part of his departure. But CBS’s board of directors determined the company could keep the money, saying he had been fired for cause.

Moonves has denied the sexual misconduct claims and fought back against CBS’ decision to deny him the severance. He entered into arbitration with the network in January 2019.

CBS has since merged with sister company Viacom to form ViacomCBS.

“The disputes between Mr. Moonves and CBS have now been resolved, and on May 14, 2021, the parties dismissed the arbitration proceeding,” ViacomCBS said in its filing.

Former CBS boss Les Moonves resigned in December 2018 following accusations of sexual harassment and assault.
AFP via Getty Images

“Leslie Moonves, CBS and a contractor to CBS have​ resolved their disputes,” Moonves and ViacomCBS said in a joint statement Friday. “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.”

Main Source link