The jailbreak happened earlier this year when Moonves and most members of the CBS board took steps to dilute Redstone's control. "The appalling accusations in this article are untrue", the executive said, adding that he has "never used my position to hinder the advancement or careers of women".
Moonves' allies will surely cast his exit as a corporate coup - a successful effort by Redstone to gain a tighter grip on CBS.
When reached for comment by Business Insider, CBS provided the following statement: "CBS takes these allegations very seriously".
As the negotiations continue and shareholders and advocacy groups accuse the board of failing to hold Moonves accountable, new allegations are emerging.
National Amusements has also agreed to not raise the possibility of a merger between CBS and Viacom Inc VIAB.O for about two years, which it had all but abandoned before CBS sued its shareholder in the spring, two sources said.
In the time that our article was being finalized and reviewed, a new article was published by the New Yorker featuring six additional women coming forward with assault and harassment claims against Moonves. All of the encounters follow the same pattern: Moonves allegedly plies his victims with wine and offers to help them in their career before abruptly attacking them and attempting to force himself onto them.
In a statement issued Sunday evening, Moonves said he was "deeply saddened to be leaving the company".
CBS said the board will schedule its annual shareholders meeting no later than November 30.
Farrow's story also detailed complaints about how the "culture in some parts of the company tolerated sexual misconduct". She wrote years after, when she chose to leave Hollywood for the rough and tumble classrooms of LA, "As an executive in the entertainment industry in the days when women were few and not particularly endeared by the powerful, I learned to be strong and tough". "Our board of directors is conducting a thorough investigation of these matters, which is ongoing".
Moonves responded to the first story with a statement expressing regret for having "made some women uncomfortable by making advances".
Moonves's departure had been on the cards, with United States media reporting in recent days that the terms of his departure had been under negotiation for weeks, and a deal had been expected before markets open Monday. Discussions had focused on the size of a severance package, and on whether Moonves would move to a producer role, the Times reported.
If Moonves were to be fired without cause, he could receive upwards of $170 million in a severance package.
Reports had said his severance payment could range from $100 million in stock to $180 million stipulated in his contract, or even that he could leave with no bonus, pending the results of the investigation.
Five years ago, he discussed his involvement, saying at the Television Critics Association press tour, "I'm not involved from the earlier stages, but I sort of have the final look at who's going in and choosing the right combination".