Seven West Media has announced the findings of a review into chief executive Tim Worner, saying it has cleared him of wrongdoing.
Earlier this year, the company asked law firm Allens Linklaters to review allegations by former employee Amber Harrison of misconduct by Mr Worner.
In a statement to the Australian Stock Exchange on Friday, the board said it was satisfied that there were no irregularities in Mr Worner's credit card use and that it could not substantiate allegations of illicit drug use.
It also accepted the "strong and vehement denials" by four other staff members that they had had an inappropriate relationship with Mr Worner, saying their responses "cast doubt on the veracity of other accusations" by Ms Harrison.
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The board said that communications between Mr Worner and Ms Harrison - who had an affair from the end of 2012 until mid-2014 - while "totally objectionable", were "consensual, personal and private".
"The board has at all times made clear to Mr Worner that while the relationship, which concluded in July 2014, was personal and consensual, it was inappropriate given his senior position in the company and not behaviour condoned by the company," it said.
"Mr Worner has been disciplined by the chairman and the board and provided an undertaking this behaviour will not be repeated as well as an apology."
However the board found there was no ground to take any further action against Mr Worner beyond that taken in 2014, when the company became aware of the affair.
"This has been a tumultuous time for the entire company and with the receipt of the independent review this matter can now be brought to a conclusion," it said.
Seven said it would not release the report as it was "subject to legal privilege".
On Thursday, Seven announced independent director Sheila McGregor has resigned. It did not explain why.
More to come