New York (CNN Business) The two law firms that were hired by the CBS board of directors to investigate alleged misconduct apparently found a ton of it.

The New York Times, which has been publishing a series of explosive stories about ousted CBS CEO Les Moonves, says it has reviewed a 59-page draft report with the lawyers' findings about Moonves.

"Based on the facts developed to date, we believe that the board would have multiple bases upon which to conclude that the company was entitled to terminate Moonves for cause," the report says, according to The Times.

That would deny Moonves access to $120 million in severance that was set aside for him when he stepped down under pressure in September.

The legal report seen by the newspaper was a draft, so it could change before the full board of directors reads it. CNN has not reviewed the report. But the depictions in the Times of both sexual misconduct and corporate misconduct are damning.

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