CBS Chief Executive Leslie Moonves has resigned from the company, amid fresh allegations of sexual assault and harassment.
CBS also announced a deal to end litigation against controlling shareholder Shari Redstone and National Amusements for control of the broadcaster and media company.
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 for future deals.
The announcement comes after six more women accused Mr Moonves of sexual assault and harassment in a report published 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, Mr Moonves exposing himself and his alleged use of physical violence and intimidation.
Mr Moonves, 68, who turned CBS from an ageing radio and TV broadcaster into a provider of shows to digital platforms, was expected to reap an estimated $100 million in severance.
But he could end up with nothing pending an investigation into allegations of violence against women conducted by law firms hired by an independent committee of the CBS board of directors.
CBS said it and Moonves will donate $20 million of Moonves' severance to organisations supporting the #MeToo movement.
'DAMAGE DONE'
Reports of a potential big payout to Moonves drew fire from advocacy groups.
"CBS, as you sit in a room debating next steps to rectify the damage done, remember that the world is watching. We will accept nothing less than full transparency of the investigation's findings, a commitment to real change across all levels of CBS management and no reward for Les Moonves," Time's Up, a campaign against workplace sexual misconduct, said in a statement.
CBS said details of the litigation settlement and the Moonves agreement will be disclosed in an upcoming regulatory filing.
In a statement to the New Yorker, Moonves acknowledged three of the newly described encounters, but said they were consensual.
"The appalling accusations in this article are untrue,"Moonves told the New Yorker. "What is true is that I had consensual relations with three of the women some 25 years ago before I came to CBS. And I have never used my position to hinder the advancement or careers of women."
CBS said it takes such allegations very seriously.
"The CBS Board of Directors is committed to a thorough and independent investigation of the allegations, and that investigation is actively underway," the media company's board said in a statement.
