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Meg James:
Yes, Mr. Moonves had renegotiated his contract more than a year ago. There were therefore provisions for him to be paid a very lucrative settlement when he left CBS.
He has been running the business for over 12 years. He was incredibly successful, one of the most successful executives in Hollywood. And the council rewarded him with this very lucrative contract, which allowed him to enter into a production agreement and to have a considerable stock and option, as well as other compensation.
The painting is now in a very uncomfortable position. They have a contract with Mr. Moonves, they all need to pay him. They have not yet fired. But they want to wait until this investigation is over. And then they will decide what portion of that $ 120 million, if any, will be paid to Mr. Moonves now.
The $ 20 million that will go to groups that support MeToo and the equality of women in the workplace, that money will come directly from what they will pay Mr. Moonves. I guess it will probably be negotiated in the next few weeks when the findings are complete and the CBS can really look at all the charges.
There are therefore many legal implications that flow from this review. And I think that CBS, in his early submission this morning or late last night, made it clear that he was going to put $ 120 million into a trust account and that it would be sealed until he could determine how much , if none, Moonves is entitled to.
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