CBS CEO Search Expected to Take Months

• Whoever takes over CBS might also end up with Viacom

In October, the CBS board enlisted the executive search firm Korn Ferry to find a new chief executive. The process is likely take at least four months, according to two people familiar with the matter who spoke on the condition of anonymity to discuss internal deliberations. Joseph Ianniello, 50, who spent the past five years as the company’s chief operating officer, is the only candidate who has been publicly named so far.

The NY Times reports candidates will be evaluated in the context of the board’s larger strategic plan for CBS, which could involve a deal with another company, the people said.

Shari Redstone

Shari Redstone, who controls CBS through her family business, National Amusements, has been agitating for a merger with Viacom, the cable company behind MTV and Nickelodeon, which she also controls.

The thesis: A tie-up would protect both companies from the onslaught of tech since a larger entity would have more negotiating leverage when bargaining for licensing fees with cable and satellite providers, thus ensuring healthier profits.

Leslie Moonves, who was ousted as chief executive in September, was wary of the deal, which led to one of the bitterest boardroom battles in recent memory.

In May, CBS sued Ms. Redstone to sap her power through the issuance of a special stock dividend. The suit was eventually dissolved after accusations of sexual abuse against Mr. Moonves — revealed in two New Yorker articles — ended his celebrated run at CBS.

But the legal battle did offer a window into Ms. Redstone’s thinking, which was made clear in a May complaint against CBS brought via National Amusements, or N.A.I.:

Redstone discussed N.A.I.’s long-term plans for CBS, focusing on a two-step process starting with a merger with Viacom that would strengthen both entities, and continuing thereafter with a sale or merger of the stronger combined entity, with N.A.I. open to the possibility of relinquishing its voting control as part of that second transaction.

The exit settlement with Mr. Moonves prevents Redstone from pursuing that merger for two years. But the CBS board can examine any possible transaction, including a deal with Viacom, independently of Redstone.

If the board considers a merger, that will affect how it chooses a chief executive since the person could end up running both CBS and Viacom. Another strategy might include selling CBS to a bigger company, which would also be a factor in how the board considers candidates.