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

CBS Corporation announced Sunday night that longtime leader Les Moonves will depart as chairman, president, and CEO. The announcement comes just hours after a second Ronan Farrow report in The New Yorker in which six more women alleged sexual misconduct by the television veteran.

Why it matters: Moonves is one of the most high-profile executives to be brought down by the #MeToo movement. His departure comes after weeks of inaction from CBS' board, which had drawn a great deal of criticism from advocacy groups.

The details:

  • The replacement: CBS COO Joe Ianniello will now serve as president and acting CEO, something insiders have long anticipated.
  • Board shakeup: CBS is getting rid of six board members, who voted to dilute its parent company shares, and is adding six new board members, including three women.
  • The terms: CBS also announced a settlement to end its legal battle with majority shareholder Shari Redstone and her holding company National Amusements Inc. NAI reaffirmed its previous position that it won't continue to push CBS to merge with its former sister company Viacom.
  • No payday: Moonves has been stripped of his $100 million-plus severance package due to the allegations. In a statement, Moonves and CBS said that they will donate $20 million of Moonves' severance to advocacy groups who support the #MeToo movement.

Go deeper: New Moonves accusations prompt reports of his imminent departure.

Go deeper

DOJ declines to defend Mo Brooks in Capitol riot lawsuit

Rep. Mo Brooks during a June news conference on Capitol Hill. Photo: Anna Moneymaker/Getty Images)

The Department of Justice declined late Tuesday to represent Rep. Mo Brooks in a civil lawsuit against the Georgia congressman concerning the Capitol riot.

Why it matters: Brooks had argued he should have immunity in the suit, filed by Rep. Eric Swalwell (D-Calif.) against him, former President Trump, Donald Trump Jr. and Rudy Giuliani. Brooks said he was acting as a government employee when he spoke at a rally before the insurrection.

Updated 2 hours ago - Sports

Katie Ledecky wins gold in first women's 1500m freestyle

Team USA's Katie Ledecky celebrates after winning the final of the women's 1,500m freestyle swimming event during the Tokyo 2020 Olympic Games at the Tokyo Aquatics Centre in Tokyo on Wednesday. Photo: Attila Kisbenedek/AFP via Getty Images)

Katie Ledecky took home the Olympic gold medal in the women's 1,500-meter freestyle swimming race Tuesday evening, becoming the first female swimmer to win the newly added division. Team USA's Erica Sullivan won silver.

Of note: The Tokyo Games mark the first time that the long-distance race has been open to women, and Ledecky paid tribute to her predecessors after the race. "I just think of all the great U.S. swimmers who didn’t have a chance to swim that event," she said on NBC.

Updated 2 hours ago - Sports

Olympics dashboard

Katie Ledecky celebrates with teammate Erica Sullivan after winning the women’s 1500m freestyle final. Photo: Tom Pennington/Getty Images

🚨: Katie Ledecky wins gold in first women's 1500m freestyle

🤸🏾‍♀️: Simone Biles pulls out of gymnastics team finals, citing her mental health

🎾: "This one sucks more than the others," Naomi Osaka says on upset loss

⚽️: USA women's soccer ties Australia, propelling them to the quarterfinals

🏊‍♀️: Teen swimmer Lydia Jacoby wins first U.S. women's Tokyo Games gold

👟: World Athletics president supports reviewing marijuana rules in doping

🏄‍♀️: American Carissa Moore wins first-ever women's Olympic gold in surfing

Go deeper: Full Axios coverage - Medal tracker