VIACA - ViacomCBS won't pay millions to Moonves over separation

ViacomCBS ([[VIAC]], [[VIACA]]) says that it won't have to pay millions to former Chairman/CEO Les Moonves that it had set aside at the time of his separation. In September 2018, CBS Corp. entered into a separation agreement with Moonves, who was then under fire in sexual-harassment controversy. And the company contributed $120M to a grantor trust during an investigation, the company notes in an SEC filing. In December 2018, the company determined that there were grounds to terminate Moonves for cause, and that any dispute related to that determination was subject to binding arbitration. Moonves launched an arbitration process in January 2019. But that dispute has been resolved, and the grantor trust monies "will revert to the company in their entirety."

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ViacomCBS won't pay millions to Moonves over separation