This former entertainment conglomerate CEO is looking to buy an online sports betting platform and a sports network that used to be part of his conglomerate.

Les Moonves

Les Moonves Finally Strikes Deal With ViacomCBS Over Exit; Donating Big Bucks Settlement To Charity

Nearly three years after Les Moonves was tossed off his perch at CBS over allegations of sexual misconduct, the onetime corporate powerhouse has finally settled disputes over his $120 million exit package with the Sheri Redstone-controlled company.

“The disputes between Mr. Moonves and CBS have now been resolved, and on May 14, 2021, the parties dismissed the arbitration proceeding,” a filing today with the U.S. Securities and Exchange Commission noted. Long legal battle short: the $120 million severance that has been in a guarantor trust for the past couple of years will now “revert to the Company in their entirety,” according to the short document filed with the feds in a classic Friday news dump.

“Leslie Moonves, CBS and a contractor to CBS have​ resolved their disputes,” read a joint statement today from Moonves and ViacomCBS. “The cost of the settlement will be borne by the contractor,” the statement added. “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.”

Umm, okay. However, in case you are wondering, that “contractor to CBS” is actually law firm Covington & Burling. Partially charged with probing the claims against Moonves for CBS, the firm became part of the investigation so to speak after leaks galore sprung as to who was talking to who about what and a great slab of confidentiality for many concerned was washed away. All of which tangled up CBS in what they had hoped would be a clean and payless break with Moonves. – Source

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