Former CBS Chief Les Moonves Denied Massive Severance (UPDATE)

Les Moonves, the disgraced executive ousted from CBS earlier this year amid a bevy of sexual misconduct allegations, has been terminated for cause — and a result, will not receive what could have been a nine-figure severance package.

In a statement released by the CBS Board of Directors (via The Hollywood Reporter), the company deemed, through an investigation, that Moonves violated company policies and also did not cooperate with the probe into the allegations. As a result, CBS is denying him a payout which the Reporter put at $120 million.

“With regard to Mr. Moonves, we have determined that there are grounds to terminate for cause, including his willful and material misfeasance, violation of Company policies and breach of his employment contract, as well as his willful failure to cooperate fully with the Company’s investigation,” The statement said. “Mr. Moonves will not receive any severance payment from the Company.”

A recent New York Times report revealed that lawyers hired by CBS found that the company’s former chief destroyed evidence and lied to investigators. The lawyers deemed that Moonves was “evasive and untruthful at times,” and added he “deliberately lied about and minimized the extent of his sexual misconduct.” The report added that there were multiple ground on which to terminate Moonves for cause — a conclusion with which the CBS board evidently concurred.

Moonves is not expected to take the ruling lying down. According to Deadline: Hollywood, the former CBS chief is likely to pursue legal action.

UPDATE 7:20 p.m. ET — Indeed, Moonves is taking umbrage with this action. In a statement (included below, via ABC) Moonves lawyer Andrew J. Levander said the network’s finding is “without merit.”

Moonves lawyer issues statement in response: “The conclusions of the CBS board were foreordained and are without merit.” https://t.co/R45U5wysN5 pic.twitter.com/b9FLLStUw8

— ABC News (@ABC) December 18, 2018