Moonves May Get $100M Payout From CBS

But it depends on the results of sexual harassment investigation
By Rob Quinn,  Newser Staff
Posted Sep 10, 2018 6:22 AM CDT
Moonves May Get $100M Payout From CBS
In this Feb. 9, 2013 photo, CBS President and CEO Les Moonves speaks at the Clive Davis Pre-GRAMMY Gala in Beverly Hills, Calif.   (Photo by Chris Pizzello/Invision/AP, File)

Les Moonves is departing CBS as sexual harassment allegations continue to pile up—but he won't exactly be leaving empty-handed. The New York Times, citing "sources familiar with the settlement agreement," reports that the longtime chief executive could receive more than $120 million under his agreement with the network, even after around $20 million is deducted from the severance deal and donated to organizations supporting equality in the workplace and the #MeToo movement. The network is also reshaping its board of directors, with six new members, including three women.

But even with the new slate of directors and the hefty donation, CBS is likely to face a backlash if Moonves walks away with a massive sum, reports CNN, which notes that a CEO of Moonves' stature could usually expect a "gargantuan" severance package. CBS says the $20 million donation will happen immediately, but Moonves' compensation "will depend upon the result" of the ongoing independent investigation into the sexual harassment allegations against him, reports Variety. Chief operating officer Joe Ianniello has been named interim CEO. (More Leslie Moonves stories.)

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