CBS Corp says it will pay $US120 million ($A169 million) to former chief executive officer Leslie Moonves if an internal investigation into allegations of sexual harassment fails to provide grounds for his dismissal.
Moonves, the top executive at CBS since 2006 and a major figure at the broadcast network and media company for more than two decades, resigned on Sunday amid a new wave of allegations against him of sexual assault and harassment.
The company said under a settlement agreement, Moonves could end up with nothing pending results of an investigation.
His departure as chairman, CEO and president was confirmed by the company in a statement on Sunday coinciding with its announcement of a deal to end litigation against majority CBS shareholder Shari Redstone and National Amusements Inc for control of CBS.
Chief Operating Officer Joe Ianiello will take over as interim CEO as the board searches for a replacement, according to the announcement. The settlements end years of uncertainty over the future of CBS and could potentially open the door to future deals.
The announcement came after six more women accused Moonves of sexual assault and harassment in a report published on Sunday in the New Yorker magazine.
The newly disclosed incidents, which the women said occurred between the 1980s and early 2000s, included claims of forced sex, Moonves exposing himself and his alleged use of physical violence and intimidation.
"Untrue allegations from decades ago are now being made against me that are not consistent with who I am. Effective immediately I will no longer be Chairman and Chief Executive Officer of CBS," Moonves said in a statement on Sunday.
Moonves, who turned CBS from an ageing radio and TV broadcaster into a successful provider of shows to digital platforms, was expected to reap an estimated $US100 million in severance.
