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ViacomCBS Recovers $120 Million Set Aside for Moonves Severance

May 14, 2021, 8:32 PM

ViacomCBS Inc. is recovering $120 million set aside for a possible severance payment to Les Moonves, the former CBS chairman and chief executive officer who was ousted following allegations of sexual assault.

The funds are going back to the company as part of settlement between ViacomCBS and Moonves, according to a regulatory filing Friday.

CBS Corp. forced Moonves out in 2018 over the allegations but contributed the funds to a trust as part of an agreement, according to the filing. The former CBS chief, now 71, was among the biggest Hollywood figures felled by accusations of sexual misconduct.

The company concluded at the time that there were grounds to terminate Moonves for cause, but in 2019 he began a binding arbitration, according to the filing.

To contact the reporter on this story:
Rob Golum in Los Angeles at rgolum@bloomberg.net

To contact the editors responsible for this story:
Crayton Harrison at tharrison5@bloomberg.net

John J. Edwards III

© 2021 Bloomberg L.P. All rights reserved. Used with permission.