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

·1 min read

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.

Stay on top of the latest market trends and economic insights with Axios Markets. Subscribe for free

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

More from Axios: Sign up to get the latest market trends with Axios Markets. Subscribe for free