Joseph Ianniello, who has been the CBS chief operating officer since 2013, will serve as president and acting CEO while the board of directors looks for a new CEO.
Like the first set of allegations lobbied against Moonves in Ronan Farrow's July article, the six women who came forward in Sunday's story described incidents that took place between the 1980s and early 2000s, and all six claimed they received professional retribution if they rebuffed his advances.
With the probes under way, the New Yorker on Sunday reported sexual harassment allegations against Moonves from several more women. Moonves acknowledged relations with three of the women but said they were consensual, adding he had never used his position to hurt the careers of women. The investigation is ongoing.
Moonves, 68 - who has been married for 14 years to Julie Chen, a CBS TV personality and host of "The Talk" - declined to name which of the women with whom he had consensual relationships.
They included claims that Moonves forced them into perform oral sex, exposed himself to them without their consent, and that he used physical violence and intimidation against them.
According to an SEC filing, Moonves will select the organizations "in consultation with the company".
"The appalling accusations in this article are untrue", Moonves responded in part to the second report Sunday.More news: Tiger Woods on 'special' Ryder Cup honour
The L.A. Times said CBS' board will wait until the conclusion of an investigation into allegations of misconduct.
"He absolutely ruined my career", she told the New Yorker.
Reuters reported Sunday that "Moonves could end up with nothing", and that as part of its settlement with National Amusements, "CBS will donate a portion to an unnamed charity and reserved the right to claw back the rest of a severance package" depending on the confirmation of the allegations against Moonves.
Another woman, Jessica Pallingston, said Moonves had forced her to perform oral sex on her first day working as his assistant at Warner Bros. productions.
"The board will make a determination whether the company has grounds to terminate the employment of Mr. Moonves for cause under his employment agreement within thirty (30) days following completion of the final report of the independent investigators in the current internal investigation, but in no event later than January 31, 2019", the SEC filing stated. Other women told the magazine of unwanted touching or advances by Moonves. The CBS board of directors is likely to announce the deal by Monday morning, according to two executives with direct knowledge of the matter.
NAI has agreed to withdraw its proposal to merge CBS and with Viacom (VIAB.O) for two years unless it gets a vote of two-thirds of directors not affiliated with the controlling shareholder.
At the time Mr Moonves said he "may have made some women uncomfortable" in the past, adding: "Those were mistakes, and I regret them immensely". She called the action "unwelcome" and said their earlier encounters did not "allow him to just grab me and pull his penis out on me when I'm there for a legitimate business meeting".
It also concludes a months-long battle for control of CBS between Moonves and the company's controlling shareholder, Shari Redstone. "As you all know, there is incredible work going on across the Company, and I feel confident we have the best people in the business to continue building on our outstanding success".