In a Securities & Exchange Commission filing Friday, the company behind “SpongeBob SquarePants” and “NCIS” said its dispute with Moonves over severance pay had been “resolved”. Money was exchanged accordingly, the company said.
But Moonves’ $ 120 million severance package, which has been held in trust since his dismissal, “will revert to the company.”
It’s unclear how much the former TV executive received to settle the case, but the parties have said everything will be donated to charity.
“Mr. Moonves has decided to pay the full amount of the settlement to various charities,” Moonves and ViacomCBS said on Friday in a joint statement.
The former CBS boss resigned amid a cloud of controversy in December 2018 following accusations of sexual harassment and sexual assault.
His contract provided for possible severance pay in the context of his departure. But CBS’s board of directors determined the company could keep the money, saying he was fired for cause.
Moonves has denied the allegations of sexual misconduct and fought back against CBS’s decision to deny him compensation. He entered arbitration with the network in January 2019.
CBS has since merged with sister company Viacom to form ViacomCBS.
“The disputes between Mr. Moonves and CBS are now resolved and on May 14, 2021, the parties dismissed the arbitration proceeding,” ViacomCBS said in its filing.
“Leslie Moonves, CBS and a CBS subcontractor have resolved their differences,” Moonves and ViacomCBS said in a joint statement Friday. “The cost of the settlement will be borne by the contractor. Mr. Moonves has decided to donate the full amount of the settlement to various charities. There will be no further comments regarding this settlement by Mr. Moonves or CBS. ”