CBS denies former CEO Les Moonves $120 million severance

CBS announced Monday that former CEO Les Moonves will not receive his $120 million severance package after the board of directors concluded he violated company policy and was unco-operative with an investigation into sexual misconduct allegations.
The decision, which came after a five-month outside investigation, capped the downfall of one of television's most influential figures, the biggest entertainment powerbroker to see his career derailed amid the .MeToo movement against sexual misconduct.
A lawyer for Moonves said the board's conclusion "are without merit" but did not say whether the former CEO would challenge it in arbitration. (AP)