Former CBS CEO Les Moonves drops legal pursuit to get $120 million in severance pay

[SouthBayDem]

Source: CNBC

Former CBS CEO Les Moonves, who left the media company in 2018 amid sexual harassment and assault allegations, has dropped an attempt to claim a $120 million severance award.

The money, which has been held in a grantor trust, will revert back to the company, which is now ViacomCBS after its 2019 merger with Viacom.

“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 a company filing released Friday.

Law firm Covington & Burling is paying a settlement fee to Moonves, according to two people familiar with the matter. CBS’ board had hired Covington & Burling, along with Debevoise & Plimpton, to conduct an investigation into whether Moonves had violated the terms of his employment. The New York Times reviewed and reported on a leaked internal document prepared by lawyers in Dec. 2018.

Read more: https://www.cnbc.com/2021/05/14/moonves-drops-legal-pursuit-to-recoup-120-million-cbs-severance-package.html

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"It may not be good for America, but it's damn good for CBS." --Les Moonves on Trump's 2016 campaign

[exboyfil]

1. He also tied up the Star Trek franchise with Alex Kurtzman

while going out the door. While some might like the new Star Trek, it definitely has not resonated with the masses.

[FakeNoose]

2. Something tells me Mr. Moonves is doing OK

[brush]

5. Yep, he didn't get the 120m but the report says they settled...

so he got something. And I'm sure he wasn't broke.

[Lemon Lyman]

3. Hmmm

Maybe tangeranus can find a russian to float Les some $$. You know, with tangeranus being so good for business and stuff.

[sarcasmo]

4. I want my money! Sorry rich douche, no severance for you.