May 14, 2021 - Economy

ViacomCBS will keep $120 million after settling with ex-CEO Moonves

Sara Fischer

Photo: Adam Jeffery/CNBC/NBCU Photo Bank via Getty Images

ViacomCBS said in a regulatory filing on Friday evening that the company has settled with ex-chair and CEO Les Moonves over his $120 million severance payment.

The state of play: Moonves left the company in the wake of sexual harassment and assault allegations. ViacomCBS, at the time, revoked his $120 million severance package. Moonves entered into arbitration months later to fight for the money and the settlement ends that bitter dispute after more than two years.

Details: At the time of Moonves' departure, CBS placed $120 million into a grantor trust "pursuant to the Separation Agreement," per the filing.

The company, now part of the combined ViacomCBS brand, now says the dispute has been resolved and that "[t]he assets of the grantor trust will revert to the Company in their entirety."

Go deeper: Les Moonves out at CBS

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ViacomCBS will keep $120 million after settling with ex-CEO Moonves

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