CBS REJECTS MOONVES’ $120-MILLION PAYOUT

Former CBS CEO Les Moonves will not receive his $120-million severance package after the company’s board of directors determined he was fired “with cause” over sexual misconduct allegations.

The board said Monday it reached its decision after finding that Moonves failed to co-operate fully with investigators looking into the allegations. The board also cited what it called Moonves’ “wilful and material misfeasance,” violation of company policies and breach of his contract. Moonves, 69, was ousted in September after allegations from women who said he subjected them to mistreatment.