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The long-running dispute was finally put to bed Friday with New York-based ViacomCBS announcing in a Securities and Exchange Commission filing that the matter had been resolved and the arbitration dismissed.
‘The disputes between Mr. Moonves and CBS have now been resolved, and on May 14, 2021, the parties dismissed the arbitration proceeding,’ ViacomCBS said.
The $120 million, which has been held in a grantor trust while the legal battle played out, will go back to ViacomCBS in its entirety.
It gave no further details of the agreement.
However, Moonves will receive some payment as a result of the resolution, the two parties confirmed in a joint statement.
‘Leslie Moonves, CBS and a contractor to CBS have resolved their disputes,’ Moonves and ViacomCBS said.
‘The cost of the settlement will be borne by the contractor. Mr. Moonves has decided to contribute the entire settlement amount to various charities.
‘There will be no further comment regarding this settlement by Mr. Moonves or CBS.’
Leslie Moonves and wife Julie Chen arrive at the Vanity Fair Oscar party in 2016. The ousted TV boss is receiving some money from the matter though the amount and terms have not been revealed
It is unclear how much Moonves received in the settlement.
Sources told CNBC law firm Covington & Burling will pay a settlement fee to Moonves over the matter.
Moonves was one of television’s most influential figures, credited for turning around the fortunes of CBS when he took over as entertainment chief in 1995.
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