The severance deal according to a report from Reuters comes despite Green, who founded ITV company Carlton, having no written contract. However, he is reported to have been working under an "implied" two-year rolling contract.
"People are working on the basis he had an implied contract. He didn't have a piece of paper, but the fact he was working for a set salary implied he had a contract," said a source quoted by the news agency.
Green was ousted on October 21 after a rebellion by shareholders, led by Fidelity fund manager Anthony Bolton. Shareholders vented their anger over Green and Granada chairman Charles Allen awarding themselves the top two jobs at a merged ITV after the collapse of ITV Digital, which cost Carlton and Granada £1.2bn.
Allen has also come under fire, but he has managed to hang onto his job. However, it is being reported this morning that Allen will have to give up his controversial two-year employment contract, which has also upset shareholders.
Last year, Allen took home a total of £1.8m and he stands to receive a payoff of nearly £2m if he leaves Granada.
Shortly after being ousted Green was linked to a planned US takeover of the merged ITV by US entrepreneur and 'Power Rangers' billionaire Haim Saban. He is also one of a handful of media types being mentioned in connection with bids for the Hollinger-owned Telegraph Group.
Green is due to leave Carlton when the ITV merger is completed in February.
An interim ITV board is in place to oversee the merger, with Sir Brian Pitman as interim chairman while a firm of unnamed headhunters has been hired to find a permanent chairman to replace Green.
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