The media mogul is stepping down from his role as chairman and CEO of CBS after a fresh range of sexual assault and harassment allegations were revealed in The New Yorker.
The broadcast giant is required to pay $22 million to shareholders and another $6 million for sexual harassment and assault programs.
Moonves helmed the company for more than two decades before being outsted over sexual misconduct allegations.
CBS is reportedly footing the bill,
The former CEO, accused of sexual misconduct by more than a dozen women, is forcing CBS into arbitration.
"What job could a famous TV billionaire with sexual allegations possibly get?"
The former network executive facing sexual misconduct allegations has been accused of targeting Jackson for years after the 2004 Super Bowl.
Moonves has been denied his $120 million severance package after CBS conducted an investigation into his conduct.
The former CBS CEO is accused of trying to cover up sexual misconduct allegations lodged against him.
The network is facing multiple sexual misconduct scandals, including at least a dozen allegations against the ousted CEO.