Charlotte's WSOC-TV will also donate money to the Robinson Cano Foundation, according to Cano's agent, Scott Boras.
The station never reported the Cano accusations on the air, but one of its reporters, Dan Tordjman, tweeted Sept. 20 that he expected Major League Baseball to announce that Cano would be suspended. After Cano denied the charge, many media outlets subsequently reported on the story.
ESPN investigated the allegations but, after denials from top MLB and Yankees officials, as well as from Cano and Boras, did not find them credible enough to report.
On Thursday, WSOC apologized during its newscast, saying sorry to "Mr. Cano and any Yankee baseball fan for any embarrassment or inconvenience the tweet may have caused."
On Tordjman's Twitter account, he tweeted an apology, which in part read, "I shouldn't have posted false info about #Cano and afterward, I should've admitted it was false and apologized right away. I am very sorry."
Boras pursued the matter on behalf of Cano. The Robinson Cano Foundation benefits children with medical needs in the Dominican Republic.
"Journalists and media outlets have a standard of due diligence before they attempt to tarnish a great player and great person like Robinson Cano," Boras said by phone Thursday night. "I'm satisfied we were able to reach a settlement that will benefit a lot of Dominican kids."