Les Moonves will not receive $120 million severance package from CBS

Les Moonves, former chairman and CEO of CBS, will not receive his $120 million severance package following his exit over allegations of sexual misconduct, the company's Board of Directors announced in a statement on Monday.

What they're saying: "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 reads.