CBS' Ianniello to Pocket $100M When ViacomCBS Deal Closes

Joseph Ianniello

Acting CBS Chief Executive Joe Ianniello, who will become chairman and CEO of CBS once Viacom merges with CBS, will bank a hefty payout of $100 million when the deal closes, reports The NY Post citing sources.

That’s up from the $70 million he was already set to pocket in severance for not being named head of the newly combined company — despite staying on in his current job.

The added $30 million is due to the $10 million he’ll pocket for agreeing to extend his former contract — plus $20 million in stock of the new company, ViacomCBS, sources said.

Ianniello’s fortunes are nothing short of miraculous. The exec, who served as the longtime No. 2 to disgraced former CBS Chief Executive Les Moonves, was only recently on thin ice with Shari Redstone, the heiress whose family owns a majority stake in Viacom and CBS through National Amusements Inc.

A court filing by National Amusements Inc. uncovered a trove of text messages showing Ianniello had been supporting Moonves’ battle to dilute Redstone’s voting control over CBS before Moonves was ousted in a flood of sexual misconduct allegations in late 2018.

“I will have your back to the end!” Ianniello messaged Moonves, referring to a vote to reduce Redstone’s control.