CBS reached a settlement with Thomas H. Wyman.

The board of the New York-based broadcast entertainment concern has approved a settlement that could exceed $4.3 million with Wyman, ousted as chairman in a board room showdown last September. In addition, the company said it has agreed to give Wyman an annual payment of $400,000 for life and the right to exercise stock options worth an additional undisclosed amount. CBS outlined terms of its agreement with Wyman in a proxy statement sent to shareholders before its annual meeting.