ViacomCBS, Les Moonves Reach Settlement Over Firing

Former CBS CEO Les Moonves and ViacomCBS have reached a settlement agreement in the dispute over the disgraced executive’s firing, according a ViacomCBS filing to the SEC on Friday.

“Terms of the settlement weren’t fully disclosed,” the Hollywood Reporter said, “but Moonves says he’ll donate his share of the proceeds to charity.

Moonves took the company to arbitration in January 2019, after the board denied him a $120 million severance payment after firing him for cause in late December 2018. He stepped down as CEO in September 2018 following reports of allegations of sexual misconduct made by multiple women.

According to the ViacomCBS filing, the disputed $120 million was put into a trust, and held pending resolution of the arbitration.

“The disputes between Mr. Moonves and CBS have now been resolved, and on May 14, 2021, the parties dismissed the arbitration proceeding,” the filing said. The assets of the grantor trust will revert to the Company in their entirety.”

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