May 14, 2021 - Economy & Business
ViacomCBS will keep $120 million after settling with ex-CEO Moonves
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