Don Imus Settles with CBS
08/14/2007 AT 01:00 PM EDT
Imus, 66, and CBS radio reached a settlement, though the terms were undisclosed. However, the deal preempts the outspoken host from going forward with his possible $120 million breach-of-contract lawsuit. Before his dismissal, Imus had signed a five-year, $40 million contract with CBS.
Imus is also hoping to make a radio comeback, and is negotiating with WABC Radio to resume his broadcasting career, a source tells the Associated Press.
According to the source, the radio host also signed a "non-disparaging" agreement, forbidding Imus from speaking negatively about CBS.
The shock jock was fired after referring to the members of Rutgers University Scarlet Knights basketball team as "nappy-headed hos." Imus subsequently apologized to the team.