Joseph Ianniello, the current Chief Operating Officer and deputy to Moonves, will serve as interim CEO while the board searches for a permanent leader.
The latest New Yorker story by Pulitzer Prize victor Ronan Farrow includes allegations that Moonves, 68, forced oral sex, exposed himself, committed violent acts and derailed careers in incidents that occurred from the 1980s to the early 2000s.
"The appalling accusations in this article are untrue", the executive said, before the announcement of his resignation, adding that he has "never used my position to hinder the advancement or careers of women".
Moonves' resignation is effective immediately and marks an unfathomable reversal of fortune for the former actor and Broadway producer who transformed CBS into the nation's most-watched broadcast network, a ranking it has held for more than a decade. The allegations included Moonves forcing women to perform oral sex on him and retaliating when advances were turned down.
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CBS said details of the litigation settlement and the Moonves agreement will be disclosed in an upcoming regulatory filing.
However, amid these recent allegations, two sources cited by the Los Angeles Times have claimed that Moonves is reportedly expected to resign from his position at the network, which he's held for 15 years, either late Sunday evening or early Monday morning, September 10.
It has been almost a year since Pulitzer Prize-winning articles by The New York Times and the New Yorker exposed a pattern of misconduct by Weinstein, who now faces sex crime charges in New York.
Moonves has been at the center of legal troubles with CBS for months, and CNBC reported on Thursday the board was considering giving him a $100 million exit package. As of this writing, no one affiliated with CBS or with Moonves have commented publicly on the ongoing negotiations between the two.
Another woman, Jessica Pallingston, said Moonves forced her to perform oral sex on her first day working as his assistant at Warner Bros. productions.
She added that she was proud to work at CBS News.
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Moonves responded to the first story with a statement expressing regret for having "made some women uncomfortable by making advances".
That's the SECOND set of sexual misconduct allegations levied against Moonves in the a year ago; now, it appears that what had been a lengthy discussion about how to remove him will turn into a quick and decisive exit.
The CBS board, Moonves and Shari Redstone - president of National Amusements, Inc. and CBS' controlling shareholder - were engaged in a bitter business dispute even before the first sexual misconduct allegations against Moonves.
According to CBS's statement, National Amusements also confirmed that it has no plans to propose a merger of CBS and Viacom-two companies controlled by National Amusements-and will make no such proposal for at least two years after the date of the settlement. Any additional payments will depend upon the results of CBS' independent investigation and evaluation by the board of directors, the network said. "The actions described in this article are those of sexual assault and shame on anyone else in the corporation who knew about his crimes". He proceeded to move her into smaller and smaller offices in an effort to make her job more hard.
The company also announced that it had ended a lawsuit pitting network heads against the Redstone family, whose members control an 80 percent voting stake in CBS.
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