ViacomCBS and former CBS CEO Les Moonves have settled their arbitration over the executive’s firing by the company.
Under the terms of the settlement, $120 million that had been placed in a guarantor trust will be returned to the company, according to a securities filing Friday afternoon.
“Leslie Moonves, CBS and a contractor to CBS have resolved their disputes,” Moonves and ViacomCBS said in a joint statement to The Hollywood Reporter. “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.”
Moonves, who had long been one of the most powerful executives in Hollywood, was accused of sexual misconduct in 2018. The New Yorker’s Ronan Farrow detailed the allegations in an exposé. The company’s board subsequently ordered an investigation into the claims, which resulted in Moonves’ termination for cause. However, a draft of the investigation had leaked to The New York Times before it was submitted to the company’s board.
According to sources, Moonves had brought claims in arbitration over the leak of investigatory materials to the Times.
When Moonves was fired in 2018, there was a dispute over his severance, and $120 million was placed in a trust pending arbitration. While that money is reverting to the company, a contractor will bear the cost of the settlement, with Moonves pledging to donate whatever proceeds he gets to charity.
A source familiar with the matter says that one of the law firms behind the investigation, Covington & Burling, is the “contractor” cited in the statement.
Eriq Gardner contributed to this story.
